Jolywood Wins Bid for Orders of N-type Solar Modules from SPIC

SHANGHAI, Sept. 11, 2018 /PRNewswire/ -- Jolywood (Taizhou) Solar Technology ("Jolywood" or "the Company"), a wholly-owned solar technology subsidiary of Jolywood (Suzhou) Sunwatt Co. Ltd., has inked a deal with Haixing New Energy ("Haixing"), a subsidiary of the State Power Investment Corporation Limited (SPIC), one of China's top five power generators established by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), to supply them with solar module supplies worth about RMB 171.30 million (about US$25.16 million) as part of the government's National Photovoltaic Leader Project (the "Project").

In the deal, Haixing will purchase N-type monocrystalline bifacial high-efficiency solar modules (310Mp with 64.63779 megawatt capacity) at a price of RMB 2.65 (about US$0.39) per unit. The deal is expected to have a positive impact on Jolywood's 2018 business, as the amount of income following the orders is estimated to account for 5.28 percent of the company's 2017 audited operating income.

The deal marks huge progress for Jolywood as it bids for SPIC projects. Widely recognized as the world's largest PV backsheet manufacturer and the leading developer of N-type solar cells, Jolywood has already won bids worth a total of RMB 400 million (US$58.73 million) during SPIC's 22nd call for bids in 2018 for the first batch of facilities for the Project. This win indicates that Jolywood is well-positioned for continued success as it makes more bids on contracts within the Project and that the market sees value in the company's strong capacity for technology development.

In early 2016, as part of its efforts to develop its N-type cells, the company raised a fund of RMB 1.367 billion (US$200 million), where the actual shareholders poured RMB 1.18 billion to subscribe to 50 million shares, to further boost Jolywood's investment in the sector.

What makes Jolywood stand out in the industry are its high-quality products. Jolywood's high-efficiency N-type modules feature high conversion efficiency, low temperature coefficient, low light induced degradation and weak illumination response, helping clients reduce their electricity cost and bring in more benefits.

In addition to the orders from Haixing, Jolywood is also manufacturing the 100MW modules for SPIC's Sihong projects, which Jolywood won the bid for earlier in the year.

About Jolywood

Jolywood (SZ: 300393) is the world leader in development, production and marketing of PV backsheet, high-efficiency mono-crystalline n-type bifacial solar cells and bifacial modules. Founded in 2008, Jolywood (Suzhou) Sunwatt Co. Ltd. (Jolywood Suzhou) is the largest manufacturer of PV backsheet worldwide, with an annual production capacity of over 100 million square meters. Jolywood (Taizhou) Solar Technology Co. Ltd. (Jolywood Taizhou), a wholly-owned subsidiary of Jolywood Suzhou, was founded in 2016 and tops the global solar industry with 2.1GW in manufacturing capacity of N-type bifacial solar cells since 2017.