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Chinese solar panel manufacturer JinkoSolar Holding has announced that its operating subsidiary, Jinko Solar, has signed an agreement to build a monocrystalline silicon pull rod production project.

The 30GW project is located in Xining city in China’s Qinghai province.

JinkoSolar holds an equity interest of nearly 58.62% in Jiangxi Jinko.

For this project, Jiangxi Jinko signed the project investment cooperation framework agreement with the Qinghai Provincial Department of Industry and Information Technology, the Xining Municipal Government and the Xining Economic and Technological Development Zone Management Committee.

Under the terms of the agreement, Jiangxi Jinko will build the production facility in the designated area, with certain preferential policies being offered by the state entities.

The facility will be built in two phases with an estimated investment of CNY10bn ($1.5bn).

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By GlobalData

In the first phase, Jiangxi Jinko intends to invest CNY7bn to build a facility with 20GW of annual capacity.

The second phase will involve constructing a production line at the facility over the next two years. The production line will have an annual capacity of 10GW and require a total investment of nearly CNY3bn.

The construction of the project’s first phase will begin next month.

Jiangxi Jinko CEO Kangping Chen said: “We are delighted to embark on this project with the strong support of all the counterparties.

“As the demand for solar energy continues to grow globally, developing our own production of monocrystalline silicon pull rods will not only strengthen our in-house production capabilities, but also is a great leap forward in our commitment to support the pledge for carbon neutrality globally.

“At the same time, we are proud of continuing to deliver the highest quality products and improving the efficiency of our solar technology to meet the needs of all our customers.”

Last September, JinkoSolar announced plans to build a monocrystalline ingot and wafer manufacturing plant in Vietnam.