(Yicai) Nov. 14 -- Flat Glass Group, China’s second-largest supplier of photovoltaic glass by market share, plans to invest USD290 million to build a PV glass plant in Indonesia to cut production costs and improve its overseas business positioning.

Located in Jawa Tengah, the plant will have an annual production capacity of one million tons of highly transparent glass panels, the Jiaxing, Zhejiang province-based company announced late yesterday.

The plant’s two PV glass furnaces, which will have a daily capacity of 1,600 tons each, will be built in 18 months, Flat Glass added, without revealing any further details about the project.

Flat Glass has three plants in Zhejiang, Anhui province, and Vietnam, with the fourth under construction in Nantong, China’s eastern Jiangsu province. Last year, it reported CNY13.7 billion (USD1.9 billion) in revenue from the PV glass business, accounting for over 88 percent of the total, according to the firm’s latest annual report.

Flat Glass [SHA: 601865] was trading down 0.6 percent at CNY27.63 (USD3.79) as of lunch break in Shanghai today. The company’s Hong Kong-listed stock [HKG: 6865] fell 1.1 percent to HKD15.04 (USD1.93).

Editor: Futura Costaglione