China-based JA Solar, among the biggest solar energy cell firms in the world, has received approval to invest an additional $378 million in an ongoing project in Vietnam’s northern province of Bac Giang.
In a Monday statement, Bac Giang Industrial Zones Authority said the registered capital will be added to JA Solar’s project to manufacture silicon panels, silicon bars, and high-performance solar cells. The project is located in Viet Han Industrial Park, Viet Yen district, covering 21.9 hectares.
The registered capital for JA Solar’s project will climb to $477 million, and provincial authorities have set a deadline of 24 months for JA Solar to implement the expanded project.
The project’s annual capacity includes silicon bars equivalent to 2.5 GW, silicon panels 5 GW, and solar cells 5 GW. Previously, the project entered trial operation in June.
JA Solar started investing in Vietnam in 2016, and its total investment to date is $969 million, making the firm the biggest foreign investor in Bac Giang province. JA Solar’s other investments in Bac Giang province are located in Quang Chau Industrial Park, covering 88 hectares, with about 3,000 employees manufacturing solar energy batteries and modules.
Vietnam’s industrial sector continued on its road to recovery as the index of industrial production (IIP) rose 5.5% in October from September, while the January-October index was up 0.5% year-on-year. In the 10-month period, Bac Giang was the second-best performer with its IIP going up 18.2%, after the Mekong Delta province of Tra Vinh with 23.7%.
Registered foreign direct investment (FDI) in Vietnam hit $25.76 billion in the year to October 20, up 14.7% year-on-year, according to the Ministry of Planning and Investment. Bac Giang’s figure was $1.92 billion, doubling year-on-year, the ministry added.