Chinese solar panel producer invests $500 mln in Vietnam

Chinese solar panel maker JinkoSolar Holding Co. has announced a $500 million investment into Vietnam to build a manufacturing facility in the northern province of Quang Ninh.

The new facility is set to be operational in the first quarter of next year and has an annual capacity of 7 gigawatts, the company stated Monday.

It will produce panel components including ingots and wafers.

“The decision to build a facility in Vietnam is one component of our strategy to ensure the long-term stability of our global supply chain,” said Nigel Cockroft, general manager of JinkoSolar U.S. Inc.

The company has nine manufacturing facilities globally and 22 overseas subsidiaries.