China-based solar cell manufacturer Aiko Solar has unveiled plans to raise CNY 600 million (~USD 83.9 million) for the construction of a new n-type ABC solar cell manufacturing facility in Yiwu, Zhejiang province. The project, estimated to cost CNY 8.52 billion (~USD 1.19 billion), is slated for completion within 18 months.
Aiko Solar is a prominent player in the solar cell industry, specializing in research, development, production, and sales. Currently holding the position of the world’s second-largest supplier of solar cells, the company aims to further strengthen its foothold with this expansion.
The company’s half-year performance forecast for 2023 anticipates a net profit between CNY 1.26 billion (~USD 176 million) and CNY 1.4 billion (~USD 196 million), signifying a year-on-year increase of 111.41% to 134.90%. This growth can be attributed to reduced polysilicon costs and an upsurge in sales volumes.
During the first half of this year, Aiko Solar achieved sales volumes ranging from 18.5 GW to 19.0 GW for solar cells and modules.
While production capacity for PERC cells remained fully utilized, the ramp-up of ABC cell and module production progressed smoothly. As of June 2023, the 6.5 GW ABC cell production capacity in Zhuhai has reached maximum capacity, while the associated module production capacity is being gradually activated.
Earlier this year, Aiko Solar had intended to issue global depositary receipts (GDR) and pursue a listing on the Swiss Stock Exchange. The plan involved issuing 130 million shares to raise approximately CNY 3.496 billion yuan (~USD 489 million) based on the closing price at the time of the announcement.
However, after careful evaluation of market dynamics, operational and financial conditions, capital requirements, and long-term business strategy, Aiko Solar decided to terminate the GDR issuance plan.
The investment in the new manufacturing facility for n-type ABC solar cells underscores Aiko Solar’s commitment to technological innovation and its ambition to maintain a leading position in the global photovoltaic industry.
By focusing on high-efficiency solar cells, the company aligns with the industry’s ongoing efforts to enhance energy conversion efficiency and drive down the cost of clean energy generation.