LONGi Continues Expansion Drive with New Solar Cell Plant with USD508 Mn Investment

LONGi Announces Developing 33.9% Efficiency With Perovskite

Maker of  monocrystalline solar wafers, Longi Green Energy Technology has revealed that it will invest CNY 3.5 billion (USD508 million) towards the establishment of a new photovoltaic cell factory. This is with a vision to augment the firm’s high-efficiency battery output.

The new unit is to be established in Tongchuan, northwestern Shaanxi province. It will boast of yearly capacity of 12 GW of solar cells and will be fully operational at the conclusion of 2024.

LONGi’s Diversification & Expansion Spree

LONGi has been on an expansion spree as the global solar market witnesses a rise. The firm has diversifying into high-efficiency batteries as well as other segments of the PV chain.

In March, the firm had spoken about its CNY7.8 billion (USD1.1 billion) solar cell plant in Ordos, northern Inner Mongolia Autonomous Region that has an annual output worth 30 GW. It is slated for August 2023.

LONGi has been raking in profits that come from capacity expansion and diversification. The firm has reported an increase of more than 62% net profit last year when compared to the year before that. The revenue has also been impacted favourably, which has witnessed a surge of  60% to CNY129 billion.

Meanwhile, other firms that delve into solar wafers are ramping up efforts too. TCL Zhonghuan, which is globally the second-largest wafer producer, has set sights on investing CNY10.7 billion (USD1.6 billion) to set up a high-efficiency PV battery factory. The facility will boast of 25 GW worth of annual production.

Recently, LONGi entered into renewable energy cooperation as framework supplier in Singapore and Indonesia. Continuing the expansion drive, the firm also announced its plan to invest $600 million to build a solar manufacturing facility in the Ohio State of the USA.