PVTIME – On 28 July 2024, Ningbo Deye Technology Co., Ltd. (Deye, 605117.SH), a professional PV inverter manufacturer and supplier of solar on-grid and grid-tied inverters, recently announced that it will invest an additional 500 million yuan in the construction of its 25.5GW inverter production base.
The project was signed on 28 September 2022, with an estimated investment of 1.5 billion yuan. In October 2022, Deye announced to raise funds of 3.55 billion yuan for inverter research and development, of which 1.998 billion yuan was earmarked for this 25.5GW inverter production project. And the project was scheduled to start construction in 2023 and operation in 2025, producing 25.5GW of string inverters and storage inverters, then reaching an annual output value of 5 billion yuan by 2029. The new facility will be equipped with rooftop solar and energy storage systems.
Deye stated that the 500 million will be invested in its wholly owned subsidiary by way of capital increase to improve the efficiency of the use of proceeds, without affecting the construction of the factory. The construction will then be steadily implemented and is in line with its long-term planning and development strategy.
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