PVTIME – Jolywood Group announced that the wholly-owned subsidiary of its holding subsidiary Taizhou Jolywood Solar Technology Co., Ltd. (hereinafter referred to as “Taizhou Jolywood”), Ordos Jolywood Solar Technology Co., Ltd. (hereinafter referred to as “Ordos Jolywood”), intends to invest in the construction of a “2GW High-efficiency N-type Photovoltaic Module Project” in Dongsheng District, Ordos City, Inner Mongolia.
The first phase of the proposed project will establish 1GW in annual production capacity for an estimated investment of 200 million yuan (some equipment will be funded by Taizhou Jolywood’s existing equipment assets, and the plant will be renovated on the existing basis). The estimated construction time for Phase 1 is 5 months and the sources of investment are the company’s own or self-raised funds.
According to the “Shenzhen Stock Exchange’s Growth Enterprise Market Stock Listing Rules” and the “Articles of Association”, the investment of the first phase of the 1GW project is within the scope of the company’s general manager’s deliberation authority and does not need to be submitted to the company’s board of directors or shareholders’ meeting for deliberation.
