On July 9, the municipal government of Xuzhou held a virtual signing ceremony to seal strategic cooperation agreements with IDG Capital and the Jiangsu branch of Sinopec. It also held a physical signing ceremony to ink an agreement with Shenzhen Energy Group for the development of a base that is purposed for the production of PV modules and inverters. This event was first reported by other Chinese news outlets.

The base will be jointly developed by Shenzhen Energy’s subsidiary that is operating in Nanjing and LONGi Group. It will be located in Pei County, which is part of the prefecture-level city of Xuzhou and the province of Jiangsu. In terms of production capacity, the base will have 10GW per year for “smart digitalized” PV modules and 10GW per year for PV inverters. The total investment in the project is estimated around CNY 5.3 billion. Once up and running, the base will not simply be a key site for the production of PV modules. It also bring substantial benefits to the local economy and become a pillar of Xuzhou’s new energy industry.

The new energy industry is regarded as a sunrise industry with enormous potentials. Its participants help increase the share of clean and renewable energy in the overall electricity production, thereby driving the high-quality development of the wider economy and society. The signing ceremonies held by the government of Xuzhou on July 9 involved nine new energy projects with a total investment of CNY 20.8 billion. These projects encompass PV systems, new energy vehicles, solid oxide fuel cells, etc. The related technologies and applications on the whole have a lot of room for market growth and a bright development prospect. Hence, the implementation of these projects will inject momentum into the general growth of the local and regional industries.