Longi Green Energy Technology Co., Ltd, along with its wholly-owned subsidiary Longii Solar has announced plans to expand its solar cell and module factory in India's Andhra Pradesh region.
Responding to growing market demand, Longi will invest US$309million, including about US$240 million in construction investment and roughly US$68 million in working capital, to double the capacity of its cell and module factory in Andhra Pradesh from 500MW to 1GW respectively. Construction on the expanded module factory is scheduled to be completed and production will commence by the end of August 2019, while the cell factory is set to start production in January 2020.
"The expansion of our Andhra Pradesh factory is part of Longi's global growth strategy. While global demand for solar modules continues to grow, Longi is making moderate capacity investments in select markets to hedge against the risks of trade protectionism, while remaining focused on the Chinese domestic market," said Mr. Wenxue Li, the president of Longi Solar. "According to preliminary estimates, the new expansion will support US$380 million in annual sales and roughly US$19 million in net profit every year."
"India is already China's biggest export market for solar products by sales value. During 2017, China's exports accounted for 24.1 percent of India's solar products, with sales growth seen in both cells and modules," Mr. Wenxue Li said.