(Yicai Global) Dec. 2 -- Global solar equipment giant Longi Green Energy Technology's shares gained this morning after it obtained a solar cell module intent order from an Indian green energy developer.
Longi stock [SHA:601012] rose 1.51 percent in the morning to close at CNY24.21 (USD3.44), far beyond the 0.36 percent rise in the overall Shanghai Composite Index, and were up 1.8 percent to CNY24.28 in mid-afternoon.
Xi'an, Shaanxi province-based Longi's wholly-owned unit has reached a preliminary agreement with India's Adani Green Energy to supply monocrystalline solar cell modules of 500 megawatts to 1,200 megawatts to it next year, it said in a statement on Nov. 29. If calculated at the ceiling of 1,200 megawatts, the order will be about 20 percent of Longi's total sales abroad of monocrystalline battery modules last year.
Adani Green Energy, which is headquartered in Gujarat in western India, builds new energy power stations, per the statement.
Longi is the world's largest monocrystalline silicon manufacturer with a current market share of about 40 percent. The company will boost its annual solar module production capacity to 16 gigawatts this year, 25 gigawatts next year, and 30 gigawatts in 2021 to entrench its industry lead, a capacity expansion plan the firm released earlier this year shows.
Editor: Ben Armour