Orient Electric 1 Billion Layout Photovoltaic Industry &Nbsp; Reorganize Solar Energy

Dongfang Electric Group, which owns 5 businesses such as hydropower, thermal power, nuclear power, wind power and gas and electricity, has a new goal -- photovoltaic industry.

In June 20th, Dongfang Electric Group signed a contract in Yixing with Yixing Magi Solar Energy Technology Co., Ltd.

Yixing McGee Solar Co., with a registered capital of 160 million yuan, is a Sino German joint venture solar cell manufacturer.

Up to now, the company has a capacity of 180 MW.

According to the agreement, Dongfang Electric Group will take up 51% stake after restructuring Yixing's solar power, and the registered capital of the company will also increase to 240 million yuan.

The reporter understands that Dongfang Electric Group will invest 800 million yuan to Meji solar energy company after the reorganization is completed, and build 300 MW new generation high efficiency selective electrode single crystal battery production line and R & D center.

The company expects to reach 500 MW capacity by the end of 2010.

At last, the capacity scale will reach 1000 MW in three years.

The head of the Propaganda Department of Dongfang Electric Group admitted that as early as the end of March this year, the Group signed a strategic restructuring agreement with Yixing Magi.

"Group companies have been improving the new energy industry chain."

Insiders of Dongfang Electric Group told the newspaper that "the group company is also doing it in this direction". The goal of Dongfang Electric Group is to build the solar energy into a new billion energy enterprise.

Reporters learned that before this, Dongfang Electric Group Company has launched a series of layout in Yixing, Jiangsu.

In October 2009, Dongfang Electric Group and three shareholders of Jiangsu Huachang Photoelectric Technology Co., Ltd. signed the agreement on capital increase and capital contribution agreement of Jiangsu Huachang Photoelectric Technology Co., Ltd.

Public information shows that Jiangsu Huachang photoelectric Co., Ltd. is a comprehensive scientific research institution integrating photoelectric display, solar photovoltaic and semiconductor lighting.