(Yicai Global) May 16 -- Longi Green Energy Technology, China's major solar equipment supplier and plant construction operator, will buy almost 162 million square meters of solar photo-voltaic glass from Flat Glass Group over more than two years, the Chinese mainland listed companies said in separate statements yesterday.

They have agreed to perform their procurement contract between July 1, 2019 and December 31, 2021, with the price to be negotiated on a monthly basis. The contract's tax-inclusive amount is expected to reach about CNY4.25 billion (USD618 million) calculated based on the average price of PV glass quoted by Zibo, Shandong province-based market intelligence firm Sublime China Information on May 9.

Xi'an-based Longi Green Energy's eight units in China's mainland and in Hong Kong and Malaysia signed the purchase agreement with Jiaxing, Zhejiang province-based Flat Glass Group and its three offshoot firms in the mainland and Vietnam, per the statement.

The supply contract will help ensure the steady staged supply of PV glass raw materials, according to the statement from Longi Green Energy Technology.

Editor: Ben Armour