A Chinese company plans to invest 2 billion yuan (250 million US dollars) to set up a solar energy production base in Shanghai in the coming five years, one of the largest of its kind in the country.

The Jinlong Industrial Group, a leading solar energy company based in Hebei province, will be engaged in manufacturing photovoltaic cell, crystal silicon and other key products in Fengxian County of Shanghai.

The base, consisting of a research center, dozens of production lines and other high-tech facilities, is expected to achieve an output of 22.6 billion yuan (nearly 3 billion US dollars) annually when it was completed.

The project is expected to help China find a way to fill up its oil shortage and protect the environment, sources said.

Source: Xinhua