Chinese solar module maker JinkoSolar Holding Co Ltd (NYSE:JKS) made a couple of announcements on Wednesday in relation to its majority-owned principal operating subsidiary, including a massive investment plan of CNY 56 billion (USD 7.94bn/EUR 7.38bn).
The company said in a statement that Jinko Solar Co Ltd (SHA:688223), also known as Jiangxi Jinko, has entered into an investment framework agreement with the Management Committee of the Transformation Comprehensive Reform Demonstration Zone in Shanxi Province where it intends to build a 56-GW complex for the production of monocrystalline silicon pull rod, silicon wafer, high-efficiency solar cells and modules.
This integrated project will be executed in four phases, each adding 14 GW of manufacturing capacity. The first two should commence production in the first and second quarter of 2024, respectively. The completion of the third and fourth phases is planned for 2025, according to the announcement.
As of end-March 2023, JinkoSolar had 14 factories globally and 24 overseas subsidiaries all around the world.
More: JinkoSolar plans investment of almost USD 8bn in new Chinese factories