June 1, 2011 / 10:36 AM / 7 years ago

UPDATE 1-Canadian Solar to build 600 MW solar cell plant in China

* Co to contribute 61 pct of equity

* To build with 2 Chinese cos (Follows alerts)

June 1 (Reuters) - Canadian Solar Inc said it would build a 600 megawatt photovoltaic cell production factory in Suzhou in Eastern China, a day after the solar panel maker announced plans to set up a wafer plant in the same area.

The company said it would build the factory with state-owned enterprise Suzhou New District Economic Development Group Corp and Suzhou Science and Technology City Development Co Ltd.

Canadian Solar, which will contribute about 61 percent of the equity, said the construction of the new factory was expected to start immediately after local permits were obtained.

Ontario, Canada-based Canadian Solar said it would increase production at the factory in 2012.

On Tuesday, Canadian Solar said it formed a joint venture to build a 600 MW wafer plant in Suzhou, with a unit of polysilicon producer GCL-Poly Energy Holdings Ltd . [ID:nL3E7GV1U4]

Canadian Solar shares closed at $9.85 on Tuesday on Nasdaq. (Reporting by Vaishnavi Bala in Bangalore; Editing by Saumyadeb Chakrabarty) ((vaishnavi.bala@thomsonreuters.com within U.S. +1 646 223 8780 outside U.S. +91 80 4135 5800 Reuters Messaging:vaishnavi.bala.reuters.com@reuters.net)

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