(Yicai Global) March 8 -- JA Solar Technology will invest CNY10 billion (USD1.6 billion) to expand capacity. The Chinese renewable energy giant unveiled three big expansion plans last year.

JA Solar will raise its capacity to make solar cells and modules at its plant in Qujing, in China’s southwestern Yunnan province, the company said in a statement late yesterday, citing a deal unit JingAo Solar signed with the local government on March 5.

Beijing-based JA Solar also will build a solar cell plant with annual output of at least 10 gigawatts, a solar module plant with an annual output of 5 GW, and a 3 GW new energy power plant, it said. The investment will be made over the next six years.

In a separate statement yesterday, JA Solar said China’s securities regulator has approved its CNY5 billion (USD792.1 million) non-public share issuance to be carried out over the next 12 months to raise funds to finance its capacity expansion plans.

Since January 2021, JA Solar has announced four capacity expansion plans including the latest. The first was to spend CNY10 billion on a solar battery and modules base in Jiangsu province. Last March, it pledged to invest CNY10.2 billion toward a similar facility in neighboring Qidong. In November, the firm said it would build a CNY10 billion new energy base in Liaoning province.

JA Solar [SHE: 002459] fell 0.3 percent to close at CNY92.39 (USD14.63) today, after earlier soaring as much as 5.5 percent. The stock has climbed almost 130 percent since the start of January last year.

Editor: Futura Costaglione