Xinyi Solar plans China 100MW

PV-glass specialist Xinyi Solar has signed a framework agreement to potentially build up to 100MW of PV capacity in southeastern China.

The company – based in Wuhu, China’s Anhui province – said in a filing to the Hong Kong stock exchange that it will develop the two-stage project with the local branch of China’s National Development and Reform Commission (NDRC) in the city of Nanping, Fujian province.

Xinyi PV Products, a wholly-owned Xinyi group unit, will build the first 30MW of the project this year.

Xinyi Solar plans to apply for permission to build the second 70MW phase of the project by next year.

The company did not disclose the terms of the deal.

Last September, Xinyi Glass Holdings announced plans to spin off and list shares of its solar-glass unit, Xinyi Solar, after scrapping a similar plan in 2011 due to the European sovereign debt crisis.

Shares in the company started trading in Hong Kong in December 2013.

Xinyi Glass said the move would help Xinyi Solar obtain funding for future PV development projects.