China Sunergy Co. Ltd., a solar cell and module manufacturer, says that its fully owned subsidiaries China Sunergy (HK) Co. Ltd. and China Sunergy (Nanjing) Co. Ltd. will increase their annual silicon cell production capacity by co-investing in a 1 GW solar cell expansion project in Yangzhou City, Jiangsu Province, China.
The first batch of a 500 MW solar cell production line is expected to be commercialized in the first half of 2012.
The investment cost for the fixed assets of the project is estimated to total RMB 1.8 billion. This project will be partially funded by a RMB 500 million three-year general corporate loan from China Electric Equipment Group Corp.
The project will focus on the production of the newly developed Quasar cells, pioneered by China Sunergy, which feature an average efficiency of 18.55% (from their best batch), according to the company. The company expects to reach 20% efficiency within two years.