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Malaysian solar cell manufacturer TS SolarTech has announced plans to expand its 60MW plant to 640MW by 2015.
TS Solartech, a 60% owned subsidiary of investment company Tek Seng, said it had invested RM94 million (US$38.5 million) to build the existing facility in Bukit Minyak Science Park on the mainland of Penang. Tek Seng Group Executive Chairman Loh Kok Beng said TS Solartech had partnered with German company, Schmid in this venture.
According to local newspaper The Star, the factory expansion is expected to cost an additional RM480 million (US$1.54 million).
TS SolarTech expects to generate 50% of its solar business from the export market while the balance is from the Malaysian market.
Loh said the total production capacity for photovoltaic cells in Malaysia is expected to touch 360MW in 2015, recording a compound annual average growth of 88% from the 29MW this year, adding that Malaysia is well placed to raise its global market share to 17% by 2020.