Development of the 1.1GW
PV plant was announced by Singyes in December last year, as part of a broader
deal with the Minqin County government to establish an environmental industry
and clean energy development zone, including a solar R&D base.
This 300MW first phase of
the solar power plant is expected to be completed by the end of 2014, and have
an average annual power generating output of 480 million kWh. The overall
project has a planned construction period of five years. Singyes, which is
listed on Hong Kong’s Hang Seng Index, has been enjoying a good run, lately –
last week bucking a broader market slump to hit a record high at $HK12.58
during the Friday session.
According to the Wall Street Journal,
Goldman Sachs added the stock to its “conviction buy” list last week,
describing the solar-power products maker as “well-positioned” to benefit from
growing demand for its products in mainland China. Much of Sinyes’ positive
growth in sales and revenue has come from its building-integrated photovoltaics
(BIPV) unit, which makes building materials with solar power functions. In
2013, BIPV accounted for nearly half of the company’s revenue, compared with 40
per cent in 2012.
Singyes CFO, Jimmy
Yu, said in August last year that
he hoped BIPV would account for an even greater share of future sales because
the gross profit margin of the product remained high at 32 per cent. The
company also recorded growth in its renewable energy, new materials and curtain
walls businesses. In a media release last week about the Minqin County
project, the company said the
solar R&D base would focus mainly on local agricultural produce needs and
on power supply to local areas with no ready access to electricity. It wouls
also include the production of solar heating baking room and the R&D of
smart micro grid systems.
“We hope that, by
participating in solar project in Minqin County, Wuwei, Gansu Province, we can
optimise the local energy structure, protect the ecological environment, as
well as promoting the use of solar energy, and advancing the development of the
PV industry,” said Liu Hongwei, chairman of Singyes Solar. “We will make use of
the Wuwei solar product R&D base and take advantage of local conditions to
explore a new PV industry that incorporates PV power generation, desert
management, and modern agriculture as well as the new approach of industrialized
desertification control.”
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