On March 22, Jiangsu Zhongli Group Co.Ltd(002309) announced that Tenghui photovoltaic, a wholly-owned subsidiary of the company, signed a cooperation agreement with Fuping County People's Government of Hebei Province and its subordinates Zhongwei new energy, and the company plans to jointly invest in the construction of a green, low-carbon and new energy industrial base with Fuping County in the next five years. The total investment of the cooperation agreement is about 26 billion yuan. The cooperation mainly involves the construction of the development direction of the industrial chain such as photovoltaic manufacturing and power generation projects in Fuping County.
It is understood that since the second half of 2021, Jiangsu Zhongli Group Co.Ltd(002309) has made frequent moves, signed several PV cooperation project agreements, continuously optimized the original cable business, recovered funds, and focused on the clear and rapid implementation of PV strategy. The company said that based on the four photovoltaic production bases expanded last year and put into operation, it plans to build one or two photovoltaic production bases, which is the agglomeration effect of the company's further expansion of photovoltaic module and cell sales business. At the same time, Tenghui photovoltaic signed a joint venture agreement with Fuping County Government and Zhongwei new energy, which is based on the needs of the company's long-term development strategic layout, and is of great significance in promoting the "double carbon" goal and implementing the Rural Revitalization Strategy.
photovoltaic layout major breakthrough, hjt battery will usher in mass production
According to the announcement, Zhongwei new energy will establish a joint venture with Tenghui photovoltaic, with a registered capital of 400 million yuan. Tenghui PV's contribution ratio is 49%, including 20% of technology shares; The proportion of public investment in new energy is 51%.
Under the unified planning of Fuping County Government, the joint venture plans to invest in three 5GW projects within five years: photovoltaic manufacturing, including 5GW heterojunction (hjt) cells and 5GW photovoltaic module manufacturing projects, with a total investment of about 5 billion yuan; In terms of power generation projects, 5GW "photovoltaic + modern agriculture" power generation project will be invested, with a total EPC value of about 21 billion yuan. Among them, Tenghui photovoltaic is responsible for the project construction design and engineering technology of photovoltaic + modern agriculture, and introduces relevant new energy central enterprises to invest and hold projects. The announcement shows that Tenghui photovoltaic has signed a strategic cooperation agreement with relevant central enterprises for the joint development and construction of power station projects.
It is reported that the cooperation project will be divided into three phases. The first phase will invest in the construction of 3gw photovoltaic module manufacturing project; In the second phase, it is planned to build 2gw heterojunction battery and 2gw photovoltaic module manufacturing projects in June 2023; In the third phase, it is planned to build 3gw heterojunction battery manufacturing project in 2024. At the same time, 1GW "photovoltaic + modern agriculture" power generation projects will be constructed simultaneously in each phase, with a total of 3gw. After the construction of the above-mentioned projects, the subsequent 2gw power generation projects will be declared according to the market development in Beijing, Tianjin and Hebei, and the construction indicators will be obtained, and the joint venture will carry out the construction.
Jiangsu Zhongli Group Co.Ltd(002309) believes that the establishment of a joint venture by the parties to the agreement will give full play to the comprehensive advantages of Fuping County, such as location advantages, rich land resources and excellent lighting conditions, develop new energy industry, and jointly build three 5GW photovoltaic new energy projects in Fuping, which will help improve the development of the company's photovoltaic industry to high quality. At the same time, it will also help realize green zero carbon industry and Rural Revitalization in the old red revolutionary base.
seize the opportunity of technological change and development, and overtake on the curve of technology + market two wheel drive
It is understood that in recent years, with perc battery, the mainstream technology in the market, gradually approaching the theoretical efficiency limit of 24%, TOPCON and hjt technologies in n-type battery are becoming more and more mature, and a new round of technological change is imminent. At the beginning of 2022, when conducting institutional research, Jiangsu Zhongli Group Co.Ltd(002309) said that the photovoltaic industry is in the transition period of a new round of technological change, and the company seizes the development opportunity of the industry and strives to overtake on the curve. The company said that 20% of the shares of Tenghui photovoltaic technology in the proposed joint venture is a strong embodiment of the company's technical hard power.
It is reported that since 2019, the company has continued to increase the R & D investment and patent layout of n-type battery technology represented by hjt. At present, the company has more than 10 technical reserves such as R & D patents of hjt battery and components and more than 20 technical reserves such as R & D patents of TOPCON battery and components. At the same time, it has continuously improved various battery manufacturing processes and continuously improved the conversion efficiency of TOPCON battery and components, hjt battery and components. Some market analysts believe that the technological iteration of photovoltaic cells has officially ushered in a new era in 2022. Battery technologies with higher conversion efficiency such as TOPCON, hjt and IBC will move from the laboratory to the industrial chain. In the process of forming a virtuous cycle of production - large-scale effect cost reduction - continuous production expansion, enterprises enjoying technological dividends are expected to have the dual advantages of increasing market share and enjoying technological premium.
Jiangsu Zhongli Group Co.Ltd(002309) believes that the signing of this cooperation agreement is conducive to the implementation of the company's R & D achievements in new technology fields such as hjt, and promote the mass production of the company's high-performance battery and component products, with a view to expanding the market space of n-type battery and component, which has strong strategic significance.
With the continuous expansion of Jiangsu Zhongli Group Co.Ltd(002309) in photovoltaic business, greater market space is being rapidly opened by the company. Since the second half of 2021, the company has signed cooperation agreements with many places, including multiple County wide distributed photovoltaic projects and comprehensive development cooperation in Hubei, Anhui, Ningxia, Xinjiang and other regions, involving the EPC Construction and development of distributed photovoltaic power plants and centralized photovoltaic power plants. According to statistics, the company currently has 19 framework agreements under implementation, and the total project scale has exceeded 10GW.
In addition, according to the company, in addition to the Chinese market, the company will continue to expand the overseas photovoltaic market in Europe and the United States this year to maintain the company's leading share in the overseas photovoltaic market. Just recently, Tenghui photovoltaic has signed a strategic cooperation agreement with artsolar, a leading photovoltaic manufacturer in South Africa. The two sides will carry out all-round cooperation to create high-quality and efficient localized photovoltaic module production capacity in South Africa, meet the requirements of the local government's independent power producer procurement plan (rmippp) to mitigate power supply risks, and jointly tap the South African market.
