October 21 (Renewables Now) - Chinese photovoltaics (PV) maker Longi Solar last week announced plans to invest CNY 6.3 billion (USD 892m/EUR 798m) to lift its solar module and cell manufacturing capacity.
In a bourse filing, the company said its board of directors has given the green light to a plan to spend CNY 2.02 billion for the construction of a 5-GW production plant for monocrystalline PV modules in Zhangzhou, Fujian Province. The construction of the factory, called Luzhou Phase II, is expected to take about 15 months.
Additionally, the PV manufacturer will set up 5 GW of monocrystalline module production capacity in the Xianyang High-tech Industrial Development Zone in Shaanxi province. This will also take 15 months to complete, while the total investment is estimated at CNY 1.84 billion.
Longi’s expansion in the production of PV cells, envisages the construction of a new 5-GW monocrystalline cell manufacturing facility in Xi'an Fuxin City, the capital of Shaanxi Province. This will require an investment of around CNY 2.46 billion, with the project to be completed in about 24 months.
Earlier this year, Longi said it intended to boost its production capacity for monocrystalline silicon cells and modules to 20 GW and 30 GW, respectively, by end-2021.
(CNY 1.0 = USD 0.141/EUR 0.126)