(Yicai Global) May 13 -- China’s largest wind turbine manufacturer Mingyang Smart Energy plans to invest CNY3 billion (USD464.7 million) to substantially increase its output of photovoltaic cells and panels to meet growing demand and offer more complete clean energy solutions to customers.

The investment will take place in three phases, the Zhongshan, southeastern Guangdong province-based company said yesterday. It will first inject CNY600 million (USD92.9 million) to construct facilities that can produce one gigawatt of high-efficiency PV cells and panels a year. This will then be gradually expanded to a production capacity of five gigawatts by 2025.

At present the company operates one production line that has an output of 100 megawatts of solar cells a year.

The PV business will be integrated with the company’s wind power services to expand the company’s foothold in the renewable energy market, it added.

The firm has CNY15 billion (USD2.3 billion) in cash, so it has the necessary funds to complete the project, it added.

Mingyang’s share price [SHA:601615] closed down 0.07 percent at CNY15.31 (USD2.37) today.

Editor: Kim Taylor