Press Release

On 13 September, Everbright and Golden Concord Holdings Limited (Golden Concord) entered into a strategic framework cooperation agreement to commence their cooperation in the Chinese new energy sector. 

 

Golden Concord is a global corporation with main operations in green energy, PV and new energy equipment, as well as coal and related energy businesses. It is the largest polycrystalline silicon (polysilicon) producer in China, a leading silicon wafer supplier in the world, and a top operator of green energy in China. Its electronic grade polysilicon capacity amounted to 18,000 tons as at the end of 2009, and is expected to reach 21,000 tons by the end of 2010. Construction of silicon wafer production facility is in progress with total capacity estimated to be 3GW per annum by the end of 2010. Its Solar Farm in Xuzhou, Jiangsu Province is the largest in China with installed capacity at 20MW. 

 

Established in 2010, Everbright’s RMB3 billion low-carbon new energy fund focuses on the new energy sector in China. Preparations for an overseas new energy fund are also underway. By the cooperation, both parties aim to leverage their respective strengths for investment in green energy, renewable energy and related materials, development of the relevant markets, and promoting the development of new energy materials in China. 

 

The framework cooperation agreement covers both existing and prospective business areas of Golden Concord, including global solar power, overseas traditional power generation, cold fusion and sapphire projects. The parties have agreed to establish a solid information sharing mechanism as soon as possible and cooperate in capital market financing and investment banking.

 

Everbright said the memorandum was a milestone for their mutual cooperation. It is hoped that the cooperation with Golden Concord in global solar power and sapphire projects will serve as a starting point for their future cooperation in the energy sector.