Chinese company to produce solar panels in the Alat Free Economic Zone

Within the framework of the visit of the Azerbaijani delegation to China, led by Deputy Prime Minister and Co-Chair of the Azerbaijan-China Intergovernmental Commission Shahin Mustafayev, an Investment Agreement was signed on September 9 in Chengdu between the Alat Free Economic Zone Authority and one of China's leading high-tech companies, Sichuan Sunsync Photovoltaic Technology Co., Ltd., for the establishment of a solar panel production facility in the Alat Free Economic Zone.

The document was signed by Valeh Alasgarov, Chairman of the Alat Free Economic Zone Authority, and Xie Yi, Founder and Chairman of Sichuan Sunsync Photovoltaic Technology Co., Ltd.

According to the Agreement, the company will develop three modern manufacturing facilities on a 23-hectare ready-to-use industrial land plot equipped with necessary infrastructure and utilities. The facilities will produce solar panels with an annual production capacity of 3 gigawatts (GW), as well as silicon crystals and components. The solar panels manufactured at the facilities will also be used in the construction of a Solar Power Plant by the company within the Alat Free Economic Zone. A substantial share of the manufactured products will be exported to global markets, further reinforcing Azerbaijan"s position as a strategic hub for renewable energy production.

The project represents an important milestone in the development of the Alat Free Economic Zone and will further contribute to the strengthening of economic cooperation between Azerbaijan and China. Its implementation also reflects the growing interest of China"s high-tech companies in the Alat Free Economic Zone.

It should be noted that with total assets of USD 1.7 billion, Sichuan Sunsync has rapidly become a leading company in the field of solar panel production. Earlier this year, during his business trip to China, President of the Republic of Azerbaijan Ilham Aliyev received the Chairman of the company, and discussions were held regarding the establishment of a state-of-the-art solar panel production facility in the Alat Free Economic Zone that meets the highest technological standards.