Mid-tier Chinese coal miner Shanxi Coal International Energy Group is planning a significant investment in the competing business of making high-tech solar power cells.
The State-owned firm will lead a joint venture to build a 3GW solar manufacturing plant for 3.19-billion yuan, according to a statement on Friday. It’s the first phase of a project that will grow to 10 GW– the equivalent of the generating power of 10 nuclear power plants — producing high-efficiency cells through so-called heterojunction technology.
While unusual, Shanxi Coal’s foray into rival territory isn’t a first. Jinneng Group, a provincial coal peer, also has a solar cell and panel manufacturing business. Shaanxi Coal Industry Co., meanwhile, holds a 3.88% stake in the world’s biggest solar wafer-maker LONGi Green Energy Technology Co.