(Yicai Global) Nov. 15 -- Zhongli Group’s shares climbed to the highest in over two and half years after the Chinese cables maker received a CNY1.7 billion (USD266.4 million) order for photovoltaic modules from power-generating giant China Huaneng Group.

Zhongli’s stock price [SHE:002309] jumped by 10 percent, the exchange-imposed daily trading limit, to close at CNY8.20 (USD1.29) today.

Zhongli’s Suzhou-based unit Talesun Solar and Huaneng affiliate Shanghai Huaneng Electronic Commerce signed a purchase contract whose value is equal to almost 19 percent of Zhongli’s revenue last year, according to a statement released by the Jiangsu province-based firm yesterday.

The pair will negotiate the price according to the market conditions during the contract period, Zhongli said, without disclosing any other details such as the product specifications, schedules, and delivery volumes.

The deal not only helps Zhongli absorb rising PV module and cell capacity, increase market share, and improve business performance, but is also conducive to future cooperation with beijing-based Huaneng Group.

Talesun Solar has annual output of 15 gigawatts of large-size solar modules, and has more than 11 GW of solar power plants under construction in China and overseas, according to its parent company’s data.

Zhongli announced cooperation deals with another domestic power-production giant, China Huadian, in July and October. The pair will develop solar power plant projects with a combined capacity of 4.5 GW in Hebei province and Ningxia Hui Autonomous Region. Zhongli will be the preferred general contractor and raw materials supplier.

Editor: Futura Costaglione