(Yicai Global) Sept. 1 -- Suzhou Jinfu Technology Co., a photoelectric device manufacturer based in Suzhou East China's Jiangsu province, plans to build a photovoltaic power project in neighboring Anhui with an output of USD606.29 million (CNY4 billion), with the project to realize 1.5 gigawatts (GW) of power capacity in three to five years.

The company signed a strategic cooperative agreement with the county government of Fengtai, Anhui on Aug. 31. The two parties will team up for the products, technologies and management of the photovoltaic power project, per Jinfu Technology's announcement.

Jinfu Technology will build a photovoltaic power plant making use of the good sunlight resources of Fengtai County. The project is expected to generate 1.5GW of electricity in three to five years with an output value of roughly USD606.3 million. A joint venture will be established by Jinfu Technology and other photovoltaic power companies for project implementation. The announcement disclosed no details as to partners or investment amounts.

Jinfu Technology is upgrading and transforming its traditional business. The company said its recent merger and acquisition of Anhui Zhonglujing New Energy Technology Co. has expanded the company's position in the photovoltaic power industry, and the signing of the cooperative agreement will further expand its industrial chain.

The company has no photovoltaic product processing capacity at present, but is negotiating over collaboration with some industry enterprises, Jinfu Technology added.