Canadian Solar to build solar cell factory in Suzhou

Canadian Solar (CSIQ.NASDAQ) has announced plans to build a 600 megawatt photovoltaic cell manufacturing plant, in addition to a wafer factory, in Suzhou, Reuters reported. The Ontario, Canada-based firm said it would build the solar cell factory with state-owned enterprise Suzhou New District Economic Development Group Corp and Suzhou Science and Technology City Development. Canadian Solar will contribute about 61% of the equity. On Tuesday, the Canadian firm also said it formed a joint venture with a unit of polysilicon producer GCL-Poly Energy Holdings to build a 600MW wafer plant. Construction of the new factories will begin immediately after local permits are obtained, the company said.