CITIC, Goldstone invest $137m in China solar supplier

Goldstone is a green energy specialist controlled by the state-owned China Communications Construction Company. Additional investors include CMB International and Dongfang Electric Deyang Fund, a joint venture between Shanghai-listed Dongfang Electric and Deyang city in Sichuan province, according to a statement.

Guoqiang Singsun was founded in 2020 as a spinout from steel products manufacturer Jiangsu Guoqiang. It focuses on solar panel mounting brackets, particularly smart brackets that can track sunlight and adjust their angle to optimize sunlight absorption. Smart brackets are estimated to increase power generation by up to 35%.

The company claims to be China’s leading solar panel bracket enterprise by number of deliveries. Total production and installation capacity is equivalent to 60 gigawatts of photovoltaic bracket systems. There are 1,700 employees and four manufacturing bases in Jiangsu, Hebei, Henan, and Gansu provinces.

Customers are said to include major Chinese power generation groups. Products are also exported to Europe, Latin America, the Middle East, Southeast Asia, and other regions.

Brackets account for 16% of the overall investment cost of a solar power station, according to a recent report from Dongxing Securities. The report noted that the top three overseas enterprises occupied more than 55% of the global tracking bracket market.

The bracket market is projected to be worth CNY 117.7bn by 2025 with an average annual growth rate of 15.4%. In the same timeframe, the tracking brackets segment is set to grow 20% a year to CNY 65.1bn.

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• Topics
• Greater China
• Expansion
• Cleantech
• China
• manufacturing
• CITIC Securities
• Goldstone Investment