JA Solar Technology Co, one of the world's largest producers of solar energy products, will spend 700 million yuan ($104.16 million) building a research and development and production base for photovoltaic auxiliary materials in the Yiwu Economic Development Zone, according to local media outlets.

The new base will cover about 6.67 hectares on the west side of the intersection of Wuzhou Avenue and Fangfei Road. Construction will start at the end of June and is expected to be completed in December.

The base is expected to acheive full production in July, 2023 with an annual sales income of about 3 billion yuan and 75 million yuan in annual tax payments.

In March 2020, JA Solar Technology Co signed an agreement with the Yiwu Economic Development Zone to invest 10.2 billion yuan into a photovoltaic cell and module production base project. The first phase of the project was put into operation in October 2020 and its second phase is scheduled to be put into operation in May.

These new projects will help promote the industrial chain and industrial ecology of the photovoltaic industry in Yiwu, according to officials.