JA Solar Announces Investment Agreement With City Of Hefei
Shanghai, China (SPX) Mar 11, 2011
JA Solar Holdings has announced that it has signed a strategic investment agreement with the city of Hefei, in China's Anhui province, to set up a new state-of-the-art photovoltaic ("PV") production facility for solar cells and PV products. The facility is expected to be located in the Hefei High-Tech Industrial Development Zone in the City of Hefei.
Construction will take place over a multi-year period and, when fully completed, the facility is expected to have a manufacturing capacity of 3GW of solar cells and PV products. The first phase of construction is expected to begin in 2011, with production expected to commence in 2012.
Under the terms of the agreement, the Hefei High-Tech Construction and Investment Group, a government-affiliated investment company, and a number of domestic Chinese banks, are expected to provide financing of up to RMB 13.5 billion over a four-year period at competitive commercial loan rates for the construction of the new solar cell and PV product manufacturing facility.
By establishing this new facility in the city of Hefei, JA Solar expects to benefit from the city's progressive policy environment for clean energy companies, access to the region's well-trained low-cost labor market, and Hefei's central location as a regional hub for logistics and transportation.
"As the world's leading supplier of high-efficiency, low-cost solar cells, we are delighted to work with the City of Hefei to establish this new state-of-the-art PV manufacturing site, in which we will employ the world's most advanced solar technology for the manufacturing and development of high-efficiency, low-cost solar cells and PV products. With lower labor costs and a favorable investment climate in Hefei translating into lower operational costs, we anticipate this new facility will serve to enhance JA Solar's future profitability and market share," said Dr. Peng Fang, CEO of JA Solar.
"This new facility complements JA Solar's long-term growth strategy as a world leader in solar cell technology and manufacturing. With this new capacity we will also be well-placed to meet the strong demand from our strategic partners globally for JA Solar's products."
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