Gokin Solar, a Chinese solar energy firm that produces photovoltaic (PV) silicon wafers, has snapped up 2.5 billion yuan ($360.1 million) in a Series B round led by China International Capital Corp Ltd (CICC), the company has announced.
The financing comes five months after Zhuhai-headquartered Gokin’s Series A round in April, in which it raised 1.6 billion yuan ($251.3 million) to boost the construction of PV silicon wafers production facilities.
The firm, also known as Guangdong Gaojing Solar Energy Technology, has invested 17 billion yuan ($ 2.4 billion) in a silicon wafer production project capable of generating 50 gigawatts per year. At an annual production capacity of 50GWs, it is estimated to help reduce 70 million tonnes of carbon emissions every year.
As of June, Gokin already completed two two-phase projects in Qinghai’s capital of Xining and Zhuhai, respectively, with each of the project facilities generating 30GWs of PV silicon wafers per year, per the company announcement.
Co-founded by IDG Capital and Huafa Capital in July 2019, the firm focuses on the R&D and manufacturing of high-efficiency, thin-layered and large-sized silicon wafers that leverage PV technology to capture the sun’s energy to generate electricity.