Construction on a new 5GW solar module production plant starts in the Hai'an Economic & Technological Development Zone on July 11. [Photo/WeChat account: hafbwx]

A cornerstone laying ceremony for a 2-billion-yuan ($309.4 million) solar module production base was held in the Hai'an Economic & Technological Development Zone on July 11.

Photovoltaic module industry chains, integrated solar storage systems, laboratories, and a research institute will be built over an area of 100,000 square meters.

With an annual manufacturing capacity of 5GW, the production plant is expected to achieve 5 billion yuan in annual sales and contribute more than 100 million yuan taxes.

Zhongnan Group, one of the largest conglomerates in China, and ReneSola, a leading brand and technology provider of solar PV products, jointly established a company to be responsible for the development of the project.

The Hai'an government and Zhongnan Group signed a strategic cooperation agreement at the groundbreaking ceremony.