(Yicai Global) Dec. 13 -- JA Solar Technology, a major Chinese maker of photovoltaic equipment that almost tripled its net profit this year, will invest more than CNY11.5 billion (USD1.6 billion) in three projects, its third output expansion plan announced in less than a month.

The first CNY5.5 billion (USD788.1 million) project is an upgrade to a factory in northern China's Shijiazhuang to add outputs of 10 gigawatts of solar wafers and 10 GW of solar batteries per year, the Hebei province-based PV panel manufacturer said in a statement yesterday.

Moreover, the firm will build a CNY400 million (USD57.3 million) research and development center to explore new types of solar power storage systems in the capital city of Hebei province. Finally, the company will spend CNY5.6 billion to enlarge its capacity in eastern China's Dongtai to make 10 GW of batteries and 10 GW of modules.

The three projects should improve JA Solar's output of high-efficiency products to meet demand, seize a larger market share, and enhance its profitability, the firm explained.

This is JA Solar's third capacity boost revealed in less than a month. On Nov. 23, the firm said it will pour CNY7.4 billion into making more batteries and modules. Additionally, the company said on Nov. 16 it will spend CNY10.2 billion on factory expansion to produce more solar modules and several intermediate products.

The industry giant has been benefiting from a renewables boom. From January to September, JA Solar gained CNY49.3 billion in revenue, up 89 percent from a year ago, according to its earnings report. Its net profit almost tripled to CNY3.3 billion. Sales of modules amounted to 27.1 GW, up 68 percent.

JA Solar’s stock price [SHE: 002459] closed 2.5 percent lower at CNY55 (USD7.90), some 15 percent down this year.

Editor: Emmi Laine, Xiao Yi