On September 21, 2022, Yijing Optoelectronics announced that the company plans to invest in the construction of projects with an annual output of 10GW photovoltaic cells, 10GW photovoltaic slices and 10GW photovoltaic modules in Quanjiao County Economic Development Zone, Chuzhou City, Anhui Province.

Investment progress: The first phase of the 10GW high-efficiency N-type TOPCon photovoltaic cell project is expected to start production in June 2023, provided that the government-built plant and supporting facilities meet the conditions for production and use. The start time of the second and third phases of the project will be determined through consultation between the two parties according to the follow-up progress.

Project investment estimation: The total investment of the first-phase 10GW high-efficiency N-type TOPCon photovoltaic cell project is about 5 billion yuan, of which the fixed asset investment is about 3.3 billion yuan, and the working capital is about 1.7 billion yuan. The investment funds come from the company's own funds and self-raised funds. The initial estimated investment amount for the second and third phases of the project is about 5.3 billion yuan. The start-up time and actual investment amount will be determined by the two parties through negotiation based on the follow-up progress.

After the project is put into operation, it will help the company to fully grasp the current major development opportunities of N-type photovoltaic products, and produce high-efficiency and high-quality products that meet the market demand, which is conducive to further reducing the company's production costs, expanding the market share of products, and improving the company's products. Market competitiveness, strengthen the synergy of the company's various production process segments, and promote the company's sustainable and stable operation, which will have a positive impact on the company's operating performance. The 5GW high-efficiency solar module project in the company's east plant is expected to be put into operation at the end of September. At that time, the company will form a production capacity scale of 5GW cells + 10GW modules. The construction of 10GW high-efficiency N-type TOPCon photovoltaic cells in the first phase of Quanjiao will help make up for the company's battery gap. Fuyu Battery Products Company will sell or further support new module production capacity in the future depending on market conditions. After the project investment is completed, there will be no horizontal competition and no related transaction. Editor/Zhao E