Jiawei Solarchina Co., Ltd. and their contract partner Evergreen Solar Inc. celebrated the groundbreaking for the new 100MW manufacturing plants. The plants are expected to be completed by Spring 2010 Get a free quote today.
Professor Kongxian Ding, Chairman of Jiawei Solarchina Co., Ltd. and Richard M. Feldt, Evergreen Solar Chairman, President and CEO, and were accompanied by Mr. Qing-Quan Lo, Hubei Province party leader; Mr. Hong-Zhong Li, Governor of Hubei Province; Mr. Song Yang, Wuhan City party leader; Mr. Chen-Fa Ruan, Wuhan City Mayor and other highly ranked government officials, and senior management from Jiawei and the Hubei Science & Technology Investment Co. for the ceremony to celebrate the start of the construction.
These manufacturing plants are only one part of an agreement between Jiawei and Evergreen Solar as String Ribbon wafers will be manufactured by Quad furnaces at Jiawei leased facility in Wuhan. Jiawei will be converting the String Ribbon wafers into Evergreen Solar-branded panels on a contract manufacturing basis.
“Jiawei’s high quality, cost efficient cell and panel conversion processes will allow us to have win-win cooperation with Evergreen Solar, to produce best performance and low-cost solar panels. We are looking forward to the plants completion by 2010.” said Professor Kongxian Ding, Chairman of Jiawei Solarchina Co., Ltd.
Evergreen Solar will invest US $17 million in cash and equipment in the Wuhan String Ribbon operation. Wuhan Government’s Hubei Science & Technology Investment Co. Ltd. will supply Evergreen Solar $33 million of 7.5% financing, which Evergreen Solar must repay no later than July 2014.
The companies intend to expand the production capacity of their respective manufacturing operations to approximately 500 MW by 2012, the timing and extent of any potential expansion will be determined in 2010.
About Jiawei Solarchina Co., Ltd.
Jiawei Solarchina Co., Ltd., is a fully integrated manufacturer of solar products serving OEM and ODM customers worldwide, including SunPower Corporation. Jiawei offers its global customers with high performance solar products for a broad range of applications including residential and commercial end-users for off-grid and on- grid applications. The Company is committed to providing its world- class customer base with innovation, manufacturing excellence and superior product quality. For more information about Jiawei Solar, please visit www.solarchina.com.hk.
About Evergreen Solar, Inc.
Evergreen Solar, Inc. develops, manufactures and markets String RibbonTM solar power products using its proprietary, low-cost silicon wafer technology. The Company’s patented wafer manufacturing technology uses considerably less polysilicon than conventional processes. Evergreen Solar’s products provide reliable and environmentally clean electric power for residential and commercial applications globally. For more information about the Company, please visit www.evergreensolar.com. Evergreen SolarTM and String RibbonTM are trademarks of Evergreen Solar, Inc.
About Hubei Science & Technology Investment Co., Ltd.
Hubei Science & Technology Investment Co., Ltd. (‘HSTIC’) is a state owned investment company focused on science and technology development with registered capital of approximately 2.8 billion of RMB ($410M USD). HSTIC is composed of the Administrative Committee of Wuhan East Lake High-Tech Development Zone and its holding company, Optics Valley Investment Company, Hi-Tech Productivity Enhancement Center and Overseas Scholar Incubation Company. The Hubei state government and Wuhan city government have announced HSTIC will manage 10 billion RMB funded by the National Development Bank to develop central China. According to Hubei state government’s planning, 6 billion of RMB will be dedicated to Wuhan East Lake High-Tech Development Zone.