(Yicai Global) June 17 -- A unit of China's Longi Green Energy Technology, the world's largest maker of monocrystalline silicon wafers, will invest CNY2.4 billion (USD346.6 million) in a monocrystalline solar panel project in eastern Jiangsu province in order to expand its market share.
Longi Leye Photovoltaic Technology and the local government of Hailing district in the city of Taizhou have penned an investment agreement, under which the latter will provide facilities for Longi for 20 years, the Xi'an-based energy equipment maker said in a statement, without providing the shareholding ratio.
Longi Leye will establish a project company to take care of the construction so that the plant could start production in 2020 with the aim of a 5-gigawatt annual capacity.
Longi has a global market share of around 40 percent in terms of monocrystalline silicon wafers and it looking for more as the firm has announced its plan to lift the annual production capacity to 16 gigawatts this year, and to 30GW in 2021.
Editor: Emmi Laine