(Yicai) July 15 -- Chinese photovoltaic giant Longi Green Energy Technology plans to invest CNY3.2 billion (USD440.7 million) in a next-generation solar module project.

Longi will build a production facility for high-efficiency solar modules with Hybrid Passivated Back Contact technology with an annual capacity of 12.5 gigawatts in Xixian New Area in China’s Shaanxi province, the Xi’an-based company announced on July 12. The project is expected to begin production by the end of the year and achieve its planned capacity by next June.

After thorough research, development, validation, supply chain establishment, and market promotion, Longi’s independently developed HPBC 2.0 technology is ready for mass production, the firm noted, adding that it hopes to break the homogeneous competition pattern and build a long-term competitive advantage with this project’s higher technological capabilities.

Longi said on July 9 that it expects a net loss of CNY4.8 billion to CNY5.5 billion in the first half of the year, compared with a net profit of CNY9.2 billion in the same period last year. To support its development, the company had earlier released a bond issuance plan of up to CNY10 billion (USD1.4 billion) with a term of no more than seven years.

According to the same plan, Longi aims to achieve annual production capacities of monocrystalline silicon wafers of 200 GW and of back contact solar cells of 100 GW within the next three years. The company's capacities of the two products were 170 GW and 80 GW, respectively, at the end of last year.

Longi’s shares [SHA: 601012] were trading down 1.3 percent at CNY13.83 (USD1.91) as of 1.15 p.m. in Shanghai today. The stock has plunged over 39 percent so far this year.

Editors: Dou Shicong, Futura Costaglione