(Yicai) Feb. 20 -- Major Chinese solar wafer maker Longi Green Energy Technology and liquor giant Wuliangye Group are teaming up on photovoltaic power projects, 21 Caijing reported.

A representative of Xi'an-based Longi said the pair have set up a joint venture with CNY1 billion (USD137 million) in registered capital, the report said today.

The JV was formed by a new energy investment firm under Wuliangye and a unit of Longi, according to information on corporate data platform Tianyancha. Its business scope encompasses solar equipment and component production, solar thermal energy equipment sales, as well as the research, development, manufacture of electronic specialty materials.

A representative of Wuliangye Yibin, the Shenzhen-listed arm of Wuliangye, a premium baijiu maker, said its parent company was likely responsible for the move, as it has no business beyond liquor-making. Wuliangye Group is a state-owned liquor producer whose business spans smart manufacturing, food packaging, logistics, financial investment, and healthcare.

In the first three quarters of last year, Wuliangye Yibin’s net profit rose 9 percent from a year earlier to CNY24.9 billion (USD3.4 billion), its most-recent earnings report showed. Revenue also increased 9 percent to CNY67.9 billion.

Wuliangye Yibin [SHE: 000858] closed down 0.5 percent at CNY130.50 (USD18) a share today, while Longi [SHA: 601012] ended 1.9 percent lower at CNY16.04 (USD2.20) in Shanghai.

Editor: Emmi Laine