Xi’an LONGi Silicon Materials Corp. (LONGi) has signed an investment agreement with Sri City in Andhra Pradesh, India to construct a 500MW PV cell and module manufacturing facility. The three-year cooperation agreement covers a total investment of approximately RMB1.5 billion.
LONGi’s investment will be recognized as a large-scale development project according to India’s 2015-2020 industrial development policy. Andhra Pradesh will supply LONGi with favorable incentives including water and electricity supply, tax preference, water treatment, educational training, and international certifications. Yet the project could be postponed, modified, suspended or terminated due to regional or national factors such as policy adjustment and approvals. LONGi will reveal necessary information as long as it were required for investors to find the investment risks.
LONGi has been expanding its PV-related manufacturing business since 2014. It now has approximately 5GW of mono-si wafer production capacity in China, and 1GW of mono-si PV module capacity under name of its subsidiary, Leye Solar. Leye Solar also announced in July to add 2GW of PERC cell production line in China. The 500MW India investment marks LONGi’s expansion into overseas solar PV markets.