China’s Luoyang Glass will invest CNY2.3bn ($356m) to build two solar glass plants used in the coating of photovoltaic (PV) cell to tap into growing demand in renewable energy.
The company recently established CNBM (Luoyang) New Energy to focus on the solar PV cell packaging material project in Ruyang County in the Henan province, China.
The construction of the plants is expected to kick off in January 2022, with first phase estimated to take 18 month, it said in a filing with the Hong Kong Stock Exchange.
The investment decision was taken “to further seize market opportunities” and “to further enhance the overall strength and market competitiveness of the company in terms of the photovoltaic glass business,” Luoyang Glass said.
First phase completed in June 2023
In the first phase of construction, the company will build air compressor station, circulating water system, substation, waste heat power station, flue gas treatment and rooftop PV power generation.
Trial production is expected to commence by June 2023, before starting construction of second line in the following month. The commercial production is expected by June 2024.
Shares in Luoyang Glass rose 3.1% at HKD9.33 in early trade on the Hong Kong stock exchange.