(Yicai Global) Feb. 6 -- Longi Green Energy Technology Co., the world’s biggest supplier of mono-crystalline silicon products, has doubled its planned production of solar cells and modules at a plant being built in India in response to stronger demand in the country.
Longi Green Energy is increasing investment in the factory, located in the southeastern coastal state of Andhra Pradesh, to CNY1.94 billion (USD308 million) from CNY1.5 billion, boosting annual output from 500 megawatts to 1 gigawatt.
The Xi’an-based company first agreed a deal with the Andhra Pradesh government to develop the project in September 2015. India’s solar market has grown rapidly since then and become an important emerging market globally. Longi Green Energy subsequently decided to increase its investment in the country. The plan was also pushed through to offset any negative impact of anti-dumping investigations on made-in-China solar products which are taking place in the U.S. and China.
Longi Green Energy expects to commission the solar module facility in August next year, while the solar cell plant will enter operation in January 2020. It expects annual net profit of CNY120 million on operating income of CNY2.42 billion.