Chinese solar panel manufacturer JinkoSolar Holding has announced plans to build a monocrystalline ingot and wafer manufacturing facility in Quảng Ninh Province, Vietnam, with a $500m investment.

The facility will have an annual production capacity of 7GW and is intended to support the company’s existing overseas production facilities.

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Works on the project are currently underway at the site.

JinkoSolar US general manager Nigel Cockroft said: “The decision to build a facility in Vietnam is one component of our strategy to ensure the long-term stability of our global supply chain.

“This facility enables the use of raw material inputs from a variety of countries, thus increasing the amount of local content used in our modules, and especially in the modules produced in the Jacksonville, Florida, facility.”

JinkoSolar intends to use the facility to ensure the long-term stability of its global supply chain and reliable sales network.

The plant is said to be the first photovoltaic (PV) project in Quảng Ninh Province’s Quảng Yên Coastal Economic Zone.

It is being built in accordance with local development goals for clean and environmentally friendly industries.

The project was approved by the local government earlier this year and is expected to come online in the first quarter of next year.

Cockroft added: “For this project, we selected industry-leading crystal pulling and wafer slicing equipment to match the advanced technology and high production processes of our state-of-the-art cell and module plants.

“We expect demand for clean energy to continue to accelerate over the next few years and will continue to optimise our global supply chain management to ensure the steady supply of premium modules to our customers.”

In April 2019, JinkoSolar supplied 100MW of PV modules to the Srepok I and Quang Minh Solar Power Plant Complex in Vietnam.

The project is located in Dak Lak’s Central Highlands province and required a VND2.2tn ($95m) investment.