(Yicai Global) Jan. 23 -- Longi Green Energy Technology Co., the world's biggest maker of monocrystalline-silicon chips used in photovoltaic cells, will triple production capacity by the end of 2020.

The Xi'an-based firm will boost output to 28 gigawatts of capacity this year from 15 gigawatts in 2017, before ramping up production to 45 gigawatts in 2020, in response to growing demand for products from the solar power industry.

The company issued plans to build a CNY1.95 billion (USD304 million) manufacturing base in China's central Anhui province earlier this month for completion in 2020, which will support the ramp-up of output.

Longi Green Energy will also look to reduce costs related to production while promoting industry conversion to photovoltaic power.

Founded in 2000, Longi Green Energy has topped global rankings for monocrystalline silicon chip production for three consecutive years, mainly used for semiconductors and solar cells. Monocrystalline silicon batteries are widely used for photovoltaic cells thanks to lower cost and easier manufacturing compared to polycrystalline silicon cells.