On March 21, Anhui Conch New Energy Co., Ltd., a subsidiary of the leading cement maker Conch, established a subsidiary to focus on solar PV manufacturing with one billion yuan.
The name of the registered sub-subsidiary is Fengyang Conch Photovoltaic Technology Co., Ltd. Its major businesses include the manufacturing of solar PV equipment and components, solar PV power generation technical services, etc.
Previously in August, 2021, Conch Cement acquired Anhui Conch New Energy Co., Ltd. to officially engage in the new energy business.
On March 8, the company announced its plan to invest five billion yuan on the development of solar power stations and energy storage projects for all of its factories.
By the end of 2022, it is estimated that the company will install 1 GW of solar PV systems that will generate one billion kWh annually.
Conch Cement, the parent company, is mainly engaged in cement manufacturing and sales. It is one of the leading cement makers in the world with the highest market capitalization in the industry on A shares.
