(Yicai Global) Nov. 15 -- China’s Aiko Solar Energy, a major passivated emitter and rear cell producer, has penned its third large solar wafer order in the past 30 days to increase its output.

The cell manufacturer is expecting to pay CNY11 billion (USD1.7 billion) to purchase 1.6 billion monocrystalline silicon wafers from Jiangsu province-based Meike Solar Technology, the Shanghai-headquartered buyer said in a statement recently. The contract will start next year and continue till 2024.

The move speaks for Aiko's expansion. The major PERC technology firm expects its annual production capacity to reach 36 gigawatts this year, according to its website. PERC products are considered to be more efficient than traditional solar cells.

This marks another big long-term monocrystalline silicon wafer contract for Aiko. On Oct. 25, the firm agreed to buy a total of nearly 2.9 billion pieces of such solar cell materials from Shuangliang Eco-Energy Systems and Shangji Automation, expecting to spend about CNY19.4 billion (USD3 billion). Those two deals will also continue till 2024.

The orders from Meike will be delivered across China. Three solar cell facilities in southern China's Foshan, eastern Zhejiang province, and northern China's Tianjin will receive the goods. In 2022, the number of received Meike wafers will be 400 million units. After that, the annual figure will rise to 600 million pieces. Unit prices and order sizes will be determined on a monthly basis.

Meike is also vying for a bigger market share. The Zhenjiang-based company is currently building a new silicon wafer plant with an investment of CNY8 billion (USD1.3 billion) to increase its annual capacity to 50 gigawatts, according to its website. Right now, its annual capacity is 15 GW.

Shares of Aiko [SHA: 600732] closed up 1.6 percent to CNY23.35 (USD3.70) today.

Editor: Emmi Laine, Xiao Yi