Yujing Machinery Co. Ltd. has announced that a proposal to form a joint venture for PV wafer production was approved at the 12th meeting of the fourth session of the company’s board of directors on April 6. This announcement was first picked up by other Chinese news outlets.

Following the approval of the proposal, Yujing will be signing an agreement with the authority of the Yancheng Economic and Technological Development Zone (ETDZ), Shuangliang Eco-Energy Systems Co. Ltd., and Yongxin New Materials Co. Ltd. to form the joint venture. The joint venture will be based in the Yancheng ETDZ that is situated in China’s Jiangsu Province. Its manufacturing facility will occupy around 300 mu of auctioned land and have an annual production capacity of 25GW for large-size PV wafers. The joint venture has been tentatively named “Jiangsu Shuangjing New Energy Technology Co. Ltd.” Once up and running, the new entity will be mainly involved in wafer production (i.e., wafer slicing and additional processing) and sales.

According to the available information provided by the company and Chinese news outlets, the total investment in the joint venture is estimated to reach RMB 2.5 billion. Of that amount, fixed assets account for RBM 1.68 billion (i.e., RMB 1.2 billion for main production equipment, RMB 180 million for supporting equipment, and RMB 300 million for facility building and related infrastructure).