SunEdison Initiates New Strategic Partnership With China-Based Jinneng Group

According to a report by DigiTimes, Sunedison Inc (NYSE: SUNE) has formed a new strategic partnership with China-based Jinneng Group.

DigiTimes noted that the partnership will focus on research and development of N-type monocrystalline HIT (heterojunction with intrinsic thin layer) silicon solar cells.

DigiTimes added, "N-type monocrystalline HIT solar cells are expected to reach energy conversion rates of over 22% and thereby generate 20% more power than conventional ones. However, production cost for N-type monocrystalline HIT solar cells is significantly higher than that for conventional ones."

The companies held a ceremony in northern China to mark the opening of a factory that is expected to have an annual capacity of 500MWp in the first phase and 1.5GWp in the second phase.

Jinneng already has a factory for P-type PERC (passivated emitter and rear cell) solar cells with an annual capacity of 1.2GWp in northern China, DigiTimes added.

Shares of Sunedison were trading higher by more than 1 percent at $1.27 Thursday morning.