January 2 (Renewables Now) - China’s JA Solar Technology Co Ltd (SHE:002459) today announced plans to pour CNY 6.6 billion (USD 947.7m/EUR 845.5m) in a project to add 15 GW of new photovoltaic (PV) manufacturing capacity at home.
The company has signed a framework agreement with the management committee of a local industrial zone in China’s Zhejiang province regarding the proposed investment, it said in a bourse filing.
JA Solar intends to build a production facility in Yiwu city where it will be able to make 5 GW of solar PV cells per year, while a new 10-GW factory will produce PV modules. According to the manufacturer, the construction of the two new bases is expected to take around four years but this will not have an impact on its current revenue.
JA Solar Technology, formerly Qinhuangdao Tianye Tolian Heavy Industry Co Ltd, was previously engaged mainly in the heavy machinery business. Last year, it became the owner of solar products maker JA Solar Holdings Co Ltd.
(CNY 1.0 = USD 0.144/EUR 0.128)