PVTIME – Lingda Group Co., Ltd. (300125.SZ), a leading engineering technology company specialising in new energy development, environmental improvement and energy conservation, announced that it will stop the construction of the first phase of a solar cell production base in Anhui Province, China.
The project was launched on 15 June 2023, with Lingda investing 9.15 billion yuan, accounting for 80% of the joint venture, to establish a solar cell production base with a production capacity of 20GW. The first phase of the project aims to achieve a production capacity of 10GW of TOPCon solar cells, which will be operational in June 2024, and the second phase will achieve 5GW of TOPCon cells and 5GW of HJT cells. However, the first phase of the project has not met the company’s expectations due to a number of factors affecting construction progress. Lingda claimed that the required investment of 4.1 billion yuan for the first phase is more than the company’s current funds, and the timing of the financing is uncertain, as the company is suffering great pressure on its operations due to the recent decline in the price of high-efficiency photovoltaic solar cells.
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