Triumph New Energy's (HKG:1108) board approved a 1.4 billion yuan investment in a solar energy-related manufacturing project, according to a bourse filing Friday.

Shares gained nearly 2% in morning trade Monday.

The project will be headed by the company's majority-owned unit Zigong New Energy and involve the construction of a 2,000 tonnes per day ultra-clear photovoltaic rolled glass production line; eight ultra-thin packaging material lines for solar modules; and other supporting facilities.

The ultra-thin packaging material produced will be used in the usual course of the company's business, Triumph New Energy said.

Meanwhile, the float glass maker's board also approved a capital injection of 300 million yuan in Zigong New Energy. A further 200 million yuan will be funneled by the unit's minority shareholder Zigong Jinma, which owns 40% of the business.