Chinese Solar Company to Spend $947 Million Building Two Plants
Chinese Solar Company to Spend $947 Million Building Two Plants
(Bloomberg) -- JA Solar Technology Co. plans to invest 6.6 billion yuan ($947 million) to build two photovoltaic manufacturing plants in China’s eastern province of Zhejiang.
One plant will be able to make 5 gigawatts of solar cells annually in Yiwu city, and the other 10 gigawatts of panels, the company said in a filing to the Shenzhen stock exchange on Wednesday. The company has signed a framework agreement with the management committee of a local industrial zone for the investment.
The move comes after the company, previously named Tianye Tolian Heavy Industry Co., purchased JA Solar Holdings Co. last year to facilitate a backdoor listing of the solar producer. JA Solar is among the photovoltaic manufacturers, including Tongwei Co. and LONGi Green Energy Technology Co., that are ramping up capacity to cut costs and strengthen their operations.
Construction of the plants may take four years and won’t affect this year’s revenue, said JA Solar.
To contact Bloomberg News staff for this story: Feifei Shen in Beijing at fshen11@bloomberg.net
To contact the editors responsible for this story: Ramsey Al-Rikabi at ralrikabi@bloomberg.net, Jason Rogers, Jasmine Ng
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