Solar comprehensive application-oriented CECEP Solar Energy Co., Ltd made an announcement today on the termination of 6.5 GW high-efficiency solar cell manufacturing project in Gaoyou of its subsidiary, stating the introduction of capital and share increase by investors and follow-up investment by employees meanwhile.
The decision was made due to major changes observed in the market and local policies of the photovoltaic manufacturing industry, and they will also put a halt to the capital and share increase and employee follow-up investment plan. The decisions were made after friendly negotiation with the local government, according to the announcement.
The project was approved on November 20, 2020, and was originally invested with RMB 1 million, which was set to be implemented by the company’s subsidiary in Zhejiang. However, the company decided to reevaluate the technical route and market situation of solar cells, and will restart the construction of the project and capital and share increase of Zhenjiang Company in due time.