Photovoltaic
UAE plans to invest $270 million to build its first hydrogen equipment plant
Seetao 2024-06-17 17:43
  • The total investment amount of the project investment plan is about US$700 million, and the project will be implemented in two phases
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On June 13, 2024, Junda shares issued an announcement stating that it had signed an "Investment Intention Agreement" with the Oman Investment Authority, and planned to invest in the construction of an annual production capacity of 10GW high-efficiency photovoltaic cells in Oman. The announcement also revealed that the total investment amount of the investment plan is about US$700 million, and the project will be implemented in two phases, with an annual production capacity of 5GW each phase.

Junda shares is a typical cross-border player in the photovoltaic industry. It was established in Hainan in 2003. Its main business in the early stage was automotive parts and interiors. In 2021, it started the cross-border photovoltaic road, and directly increased the battery cell link with a certain threshold, betting on the TOPCon technology route. Fortunately, Junda shares stepped on the vent of the iteration of battery technology from p-type to n-type. After one year of transformation, it has become a leader in battery cells and has also reaped the dividends of the TOPCon market explosion. By December 2023, Junda's annual production capacity of photovoltaic cells will be about 50 GW, of which the annual production capacity of n-type TOPCon cells will be about 40 GW, accounting for 80% of the production capacity, which is higher than Jinko's 75%.

Junda is therefore known as "Little Jinko" in the industry. In 2023, due to the serious internal circulation of the domestic photovoltaic market, the overseas market has higher profits and huge market demand, so the overseas export of components has become hot. TCL Zhonghuan and GCL Technology have successively announced the construction of silicon material and silicon wafer factories in the Middle East. In the same year, Junda also set its sights on overseas markets and achieved a "zero" breakthrough.

Its financial report shows that in the first three quarters of 2023, the company's overseas sales increased from 0 to 4.66%, and overseas markets include Asia, Europe and other places; at the same time, it is actively completing customer certification in emerging markets such as North America, Latin America, and Australia. However, compared with the 40%-60% overseas business share of vertically integrated leaders such as Longi, Jinko, Trina, and JA Solar, Junda is still hard to match.

By 2024, Junda shares further increased the layout of overseas markets. In mid-February, Junda shares officially submitted an application for listing to the Hong Kong Stock Exchange, and the funds raised from the IPO will be used for the construction of overseas production capacity of high-efficiency batteries, overseas market expansion and overseas sales and operation system construction, global R&D center construction and supplementary operating funds. The prospectus also disclosed that the company plans to achieve an annual overseas production capacity of about 14 GW in the future, which will be completed in two stages.

It is worth mentioning that if Junda shares can complete the listing on the Hong Kong Stock Exchange, it will become the first photovoltaic cell manufacturer in China to achieve A+H listing. After a lapse of 4 months, Junda shares have another blockbuster news in the overseas market, which means that its overseas expansion plan has been further implemented, and the company's future profits may be increased.

However, it is worth noting that the scale of funds required to build a factory in the Middle East will not be small. However, data shows that as of the end of the first quarter of this year, Junda shares' asset-liability ratio has reached 72.22%, with a total debt of 12.248 billion yuan. As for the source of funds for the investment in the construction of an annual production capacity of 10GW high-efficiency photovoltaic cells in Oman, Junda shares did not mention it in the announcement.Editor/Zhao E




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