(Yicai Global) March 10 -- Shares of Orient Wires & Cables advanced today after the Chinese power line firm said that it has won a CNY1.7 billion (USD244.7 million) contract to lay the rest of the underwater cables for what is deemed to become China's biggest offshore wind farm in southern Guangdong province.

Orient Wires & Cables's stock price [SHA:603606] climbed 4.99 percent to CNY13.47 (USD1.94) this afternoon with a CNY8.8 billion (USD1.3 billion) market cap. The Shanghai Composite Index was 1.35 percent up.

China Three Gorges New Energy has notified Orient Wires & Cables about scoring a contract for Yangjiang offshore wind farm from this year to next year, the Ningbo-based supplier said in a statement yesterday. The same firm had installed all the project's previous submarine cables in a deal worth CNY1.3 billion.

China Three Gorges, the Beijing-based parent of the renewables unit, has planned an annual 1.7-gigawatt capacity for Yangjiang offshore wind park. So far the plant can generate up to 300 megawatts after its first phase. By the end of October, CTG was working on reaching a total capacity of 132 gigawatts.

Editor: Emmi Laine