(Yicai) Feb. 22 -- Shares of Taiji Industry rose after the Chinese electronic engineering project contractor said it won two engineering procurement contracts worth a total of CNY4.1 billion (USD571 million).

Taiji [SHA: 600667] was trading up 2.8 percent at CNY5.98 (83 US cents) as of lunch break in Shanghai today. The Shanghai Composite Index rose 0.5 percent.

For the first EPC project, a unit of Taiji will build a 500-megawatt photovoltaic power plant in the Uzbek city of Namangan for CNY1.6 billion, the Wuxi-based parent company announced yesterday. The plant, whose owner is Next Solar Energy Group, is expected to come on stream in December next year.

The second EPC project is a CNY2.5 billion 12-inch integrated circuit plant that Taiji’s subsidiary will build in 586 days with a partner in southwestern China’s Chongqing, the firm added. Chongqing Xinlian Microelectronics is the project owner.

Taiji’s unit will act as the leader of the consortium responsible for the Chongqing project and receive CNY1.8 billion for it. The partner will be in charge of the project’s civil work and receive the remaining CNY700 million (USD97.3 million).

Taiji did not disclose any further details about the two EPC projects.

Xinlian Microelectronics is a project company established for the construction and operation of the Chongqing plant, mainly engaged in the research, development, and production of IC chips applied in automotive controllers and microcontroller units, power management and drivers, and radio-frequency devices, according to its website.

The Chongqing plant is expected to have an initial production capacity of 20,000 wafers per month, according to Xinlian Microelectronics website.

Editor: Futura Costaglione