- News
2 June 2017
Manz receives initial €64.3m downpayment as part of €263m CIGS PV order from Chinese partners
Equipment maker Manz AG of Reutlingen, Germany (which has three Solar, Electronics and Energy Storage strategic business units, and supplies integrated production lines for solar cells and modules) has received the first downpayment of €64.3m in connection with CIGS orders totaling €263m placed at the start of 2017 within the firm’s strategic cooperation with its Chinese partners Shanghai Electric Group and Shenhua Group. These orders include a 44MW CIGS R&D line and a 306MW CIGS turnkey production line (CIGSfab) for series production of CIGS thin-film solar modules.
The aim of the cooperation is to speed the development of Manz’s CIGS technology, and to boost its marketing also in China. Two joint enterprises were founded for this purpose: NICE PV Research Ltd focuses on R&D activities, while Suzhou Manz New Energy Equipment Co Ltd is now solely responsible for marketing activities in China, and will provide engineering services for future projects as well as provide support in their start-up phases. Both companies started operation in April.
Manz had already made all the necessary preparations over recent months in anticipation of the agreed downpayment, so implementation of the orders can begin immediately. Manz’s sites in Germany, Slovakia and Asia are involved in work on the orders.
“The receipt of the payment gives us the green light for executing the first major projects and for generating the corresponding revenues thanks to our unique cooperation with our Chinese partners,” says CEO & founder Dieter Manz. “We are now setting to work, and we think there are good prospects of further attractive follow-on orders resulting from our cooperation in future.”
Due to further downpayment agreements for the CIGS R&D line and the CIGSfab throughout the course of the project, these orders will be realized cash flow positive. The orders will contribute to revenue and profits as from second-quarter 2017.
Manz receives €263m order for turnkey CIGS PV production lines with capacity of 350MW
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