(Yicai Global) March 21 -- JinkoSolar's stock price jumped after the major Chinese solar panel manufacturer said it will build two large plants for CNY20.8 billion (USD3.3 billion) to increase its output.

JinkoSolar's Shanghai-listed shares [SHA: 688223] rallied as much as 8.7 percent to CNY12.86 (USD2) intraday. US-listed JinkoSolar Holding finished its secondary listing on Shanghai's Star Market in January. The shares are more than a fifth up since then.

JinkoSolar Holding's stock price [NYSE: JKS] rose 5.5 percent to USD52.73 on March 18. The shares have climbed 14 percent in value this year.

The company intends to invest CNY10.8 billion to construct a facility in Jiangxi province's Shangrao to have a capacity of 24 gigawatts of photovoltaic modules per year, the Shanghai-based firm that already has production in the southeastern city said in a statement recently. The plant should also each year produce 10,000 tons of aluminum frame used in PV components.

Moreover, JinkoSolar will spend CNY10 billion to build a plant in northwestern China's Qinghai province, the firm said in another statement. The Xining facility will annually be able to make 30 GW of silicon single crystal rod, the main raw material of monocrystalline silicon cells.

The Shangrao project has three stages. The first part will be ready by December. The second part will begin in the fourth quarter of 2023, and the third one will start in late 2025.

The Xining project will reach a capacity of 20 GW of silicon rod after its first phase that starts next month. The beginning of the final second phase is scheduled for 2023 or 2024, depending on market demand.

JinkoSolar, which earns most of its income from solar panels, had an annual capacity of 45 GW of PV modules as of Dec. 31, 2021. Its output of solar cells was 24 GW and that of monocrystalline silicon wafers was 32.5 GW.

The manufacturer has been receiving new orders lately. China Huadian, one of the country's major electricity suppliers, intends to purchase at least 1.5 GW of PV modules for at least CNY2.8 billion (USD439.9 million) from JinkoSolar, the latter said early this month.

US-listed JinkoSolar Holding has another Shanghai-listed subsidiary, namely Jinko Power Technology, which builds and operates solar parks. Jinko Power's installed capacity is 3 GW, according to the firm's website.

Editor: Emmi Laine, Xiao Yi