(Yicai Global) Jan. 22 -- Shares in Tebian Electric Apparatus, a Chinese producer of high-end power transformers as well as new materials for renewable energies, surged to a five-and-a-half year high today on the news that its unit has penned a CNY6.1 billion (USD942 million) supply contract with solar equipment maker Wuxi Shangji Automation.

TBEA’s stock price [SHA:600089] closed up 9.18 percent today at CNY12.96 (USD2). Earlier in the day it had reached CNY13.06, the highest point since June 2015.

Xinte Energy will supply Wuxi, southeastern Jiangsu province-based Shangji Automation and its affiliate Hongyuan New Materials with an estimated 70,350 tons of polycrystalline silicon, a raw material used in solar cells, over the next five years, TBEA said yesterday.

At today’s market price, this comes to a pre-tax value of CNY6.1 billion, it said. At the end of each year, both parties will determine the order amount and unit price for the year to come, it added.

The deal stems from a CNY4.1 billion (USD634.4 million) supply contract that Baotou, western Gansu province-based Hongyuan penned earlier this week with photovoltaic power station developer Chint Solar.

The demand for green energy has boosted orders at upstream suppliers for the solar industry such as Shangji Automation. PV glass maker Flat Glass also signed a three-year order from solar cell component producer Risen Energy worth up to CNY8.9 billion (USD1.4 billion) yesterday.

Editor: Kim Taylor