China's Longi Solar Tech to invest $309 mn in Indian state of Andhra Pradesh

The Chinese manufacturer of photovoltaic equipment, the company LONGi Green Energy Technology Co., Ltd, together with its wholly owned subsidiary LONGi Solar, a leading global manufacturer monoelementov and modules, announced plans to expand a plant for the production of solar cells and models in the Indian state of Andhra Pradesh in order to meet the growing demand for photovoltaic equipment in the region and increase the volume of overseas sales of LONGi.

In response to growing market demand, LONGi is investing $ 309 million, including about $ 240 million in construction and $ 68 million in the company's operating capital, in order to increase the productivity of the company's production of elements and modules in Andhra- Pradesh from 500 MW to 1 GW, respectively. Work on expanding the module production line is planned to be completed and the enterprise will be commissioned by the end of August 2019, and the production line for the elements should begin work in January 2020.

"The expansion of our production base in Andhra Pradesh is part of LONGi's global development strategy. Against the backdrop of the continuing increase in global demand for solar modules, LONGi is making moderate investments in selected markets as a preventative measure against the risks of trade protectionism, while maintaining an emphasis on China's domestic market, "said Mr. Li Wenxue, president of LONGi Star. "According to preliminary calculations, expanded production will provide additional annual sales revenue of $ 380 million and about $ 19 million in net profit."

"India is already the largest export market for the sale of Chinese solar products in terms of sales. In 2017, China accounted for 24.1 percent of the total export of photovoltaic products to India, and growth was observed both in the segment of individual elements, as in the category of modules, "added Mr. Lee.

The project is managed by Lerri Solar Technology ( India ) Private Ltd, 40 percent of which is owned by LONGi, and the other 60 by LONGi Solar.
Expansion of the production base in India will allow LONGi to take advantage of the rich natural resources of the region, low production costs and generous preferential policies of the state regarding solar energy. This step also provides LONGi with the opportunity to accelerate the pace of its foreign expansion and increase its share in the world market of monocrystalline products.

About  Company LONGi Green Energy Technology Co., Ltd
LONGi Green Energy Technology Co., Ltd. is the world's largest producer of monocrystalline products. Over the 18-year history of its existence, the company has been able to expand its production line from the production of single-crystal ingots and plates to the manufacture of elements and models and even the provision of integrated solutions.

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