On May 19, Haitai Solar announced plans to accelerate the construction of its project in Indonesia by injecting CNY146 million into its subsidiary, PT GREEN VISION SOLAR, through a capital increase funded by raised capital.
The announcement revealed that Haitai Solar intends to establish a “2GW Photovoltaic Cell and 1GW Module Project” in Indonesia as a newly added investment initiative. The project, with a total investment of approximately CNY600 million (including a Phase I investment of CNY300 million), will be implemented by PT GREEN VISION SOLAR, a wholly-owned subsidiary. To date, the project has secured the “Overseas Investment Certificate,” agreements for construction land, water, and electricity supply, as well as construction permits, and has signed a “Civil Construction Contract.”
The announcement highlighted Indonesia’s strategic position as a natural partner and pivotal node in China’s Belt and Road Initiative, neighboring Singapore and serving as a frontline for international economic and trade cooperation, with convenient maritime transportation. Indonesia’s energy mix remains predominantly fossil fuel-based, accounting for 85.4% of electricity generation, while renewable energy contributes only 14.6%. Amid the global push for carbon neutrality, Indonesia is accelerating its renewable energy development, aiming to increase the share of renewables to 23% by 2025 and 31% by 2030. The country has also set emission reduction targets, planning to cut greenhouse gas emissions by 834 million tons by 2030 and achieve net-zero emissions by 2060. This transition will drive a continuous rise in the proportion of renewables, transforming Indonesia’s energy landscape and offering broad prospects for the photovoltaic industry. Furthermore, upon completion, the project is expected to significantly contribute to the company’s long-term, stable development, enhance its international market competitiveness, and facilitate the expansion of its product reach across Southeast Asia and beyond.
Haitai Solar stated that the capital injection into its wholly-owned subsidiary aims to expedite the project’s construction, better drive the expansion of its international business, and meet overseas customer demands, thereby further optimizing its business layout. This overseas investment aligns with the company’s long-term strategic development plan and is poised to drive its business growth.
