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Maxwell Technologies plans to raise $272 million via a convertible bond offering and use the money to develop machines for the manufacturing of tandem solar modules based on perovskite. Chinese PV production equipment manufacturer Maxwell revealed plans to raise up to CNY 1.97 billion (USD 272 million) via a convertible bond offering to unspecified investors. Net proceeds will fund a new perovskite tandem solar cell equipment manufacturing project. The CNY 2.14 billion (USD 296 million) initiative will span three years and be constructed across Suzhou in Jiangsu province and Xuancheng in Anhui province. Upon completion, the facility will produce 20 sets of tandem solar cell production equipment annually. In the distributed solar segment, microinverter specialist Hoymiles signed a CNY 1 billion (USD 138 million) partnership agreement with China Huarong Financial Leasing. Over the next three years, the two companies will co-develop residential solar projects. Hoymiles will identify customers and supply equipment, while Huarong will purchase and lease the systems to end users, who will repay through power generation revenues. Hoymiles will also oversee operations and maintenance and has guaranteed generation performance. China Clean Energy Solar, a subsidiary of state-owned China Energy Conservation and Environmental Protection Group (CECEP), announced on May 29 that it would postpone over 828MW of planned photovoltaic projects initially funded by a 2022 private share placement and a forthcoming 2025 convertible bond issuance. The delays are attributed to factors such as delayed land handovers and contractor defaults. Meanwhile, Linyang Energy signed two energy storage deals totaling 860MWh with Italy’s SVAM and Sweden’s Suntrade. The Suntrade order—300MWh—will support projects in Sweden, Finland, and other Nordic markets. The remaining 560MWh will be deployed in Italy. All systems will use Linyang’s in-house liquid-cooled battery technology and smart energy management platform. |
