Tongwei: LONGi injects new investment into Sichuan Yongxiang's 200ktpy high-purity silicon project (Phase II)
2022-11-29 17:07:18 [Print]
Tongwei Co., Ltd. announced on November 28 that the company's wholly-owned subsidiary, Sichuan Yongxiang Co., Ltd. (Yongxiang), reached a cooperation consensus and signed a capital increasement agreement with LONGi Green Energy Technology Co., Ltd. (LONGi) to jointly invest in the 200ktpy high-purity silicon green power project (Phase II) of Tongwei in Yunnan.
Under the agreement, the registered capital of the project company will increase from RMB1.6 billion (USD224 million) to RMB5.6 billion (USD782 million), among which there are RMB2.04 billion (USD285 million) from Yongxiang and RMB1.96 billion (USD274 million) from LONGi. After the capital is increased, Yongxiang will hold 51% of the project company and LONGi will hold 49% accordingly, while the company is still a holding subsidiary of Yongxiang.
The announcement revealed that the second phase of the project is scheduled to start commercial production within 2024.
Under the agreement, the registered capital of the project company will increase from RMB1.6 billion (USD224 million) to RMB5.6 billion (USD782 million), among which there are RMB2.04 billion (USD285 million) from Yongxiang and RMB1.96 billion (USD274 million) from LONGi. After the capital is increased, Yongxiang will hold 51% of the project company and LONGi will hold 49% accordingly, while the company is still a holding subsidiary of Yongxiang.
The announcement revealed that the second phase of the project is scheduled to start commercial production within 2024.
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