IRICO to build PV glass factory in China

China-based IRICO Group New Energy Co Ltd (HKG:0438) on Monday announced plans to build an ultra-thin and high-transmissivity photovoltaic (PV) glass factory in Shangrao, eastern China.

The company said in a stock exchange statement it has reached a cooperation intention with the Shangrao City government for the construction of the plant. The facility will be equipped with ten furnaces and supporting processing production lines. It will be built in three phases, with the first to see the deployment of three production lines.

IRICO said that the project meets the "booming" market demand and will expand its "global top three production capacity scale of photovoltaic glass."

Simultaneously, IRICO said it will change the allocation of proceeds from a share placing in August last year. The Chinese holding did not raise CNY 2.3 billion (USD 356m/EUR 293m) it was after, collecting instead around CNY 1.28 billion in net proceeds.

With less funds in hand, IRICO will spend CNY 500 million each on its Yan'an and second phase of Hefei PV glass projects, with the remainder to go for working capital, as previously envisaged. However, there will be no funds from the placing left for the company's Xianyang PV glass relocation and technical innovation project and its IRICO Yongneng 2 GW PV modules project.

(CNY 1 = USD 0.155/EUR 0.127)

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