Solargiga and Motech announced to co-invest in RMB 20 million in cash to build a new PV module manufacturing plant in Suzhou, China. Motech (Suzhou) signed to invest in RMB 11.4 million and will own 19% of the new company’s interest, while Solargiga (Jinzhou), on behalf of Solargiga, will provide RMB 8.6 million fund to own 81% of the total interest.
Motech will use the new investment to expand its module production capacity in China. The first phase of 400MW expansion is expected to be put online in February 2016, and the second phase for the rest of 200MW capacity is scheduled to start producing modules in third quarter next year.
With the additional portfolio, Solargiga’s module production capacity will reach 1,200MW by 2016.