CHINA SOLAR PV NEWS UPDATE: WEEK 35

LONGi Solar signs agreement for 400,000-ton green methanol plant; HUASUN HJT selected as SPIC’s 2024 N-type HJT/Tandem PV cell and module supplier; Jinko Solar Co., Ltd. to provide 60 MWh SunTera liquid-cooled ESS for Qinghai project; Sungrow's H1 2024 net profit up about 14%.

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MARKETS

LONGi and TCL TZE announce wafer price increases: Solar wafer manufacturers LONGi and TCL TZE have both announced price increases for their products. Starting August 29, LONGi will raise the price of its n-type G10L wafers from RMB 1.06-1.08 ($0.1486 - $0.1514) per piece to RMB 1.15 ($0.1612) per piece, and n-type G12R wafers from RMB 1.20-1.23 ($0.1682 - $0.1724) per piece to RMB 1.30 ($0.1822) per piece. Similarly, TCL TZE has raised its wafer prices, with the latest prices set at RMB 1.15 ($0.1612) per piece for n-type G10 wafers, RMB 1.30 ($0.1822) per piece for n-type G12R wafers, and RMB 1.50 ($0.2102) per piece for n-type G12N wafers. LONGi stated that aims to support sustainable market development and achieve a balance in supply and demand dynamics. Solar wafers last saw a price uptick in Calendar Week 34 of 2023, saw steady declines until CW22 of 2024 and have been more or less steady since then (see TaiyangNews PV Price Index – 2024 - CW34). For more insights into PV price movements, follow the TaiyangNews PV Price Index published every week on our website.

BUSINESS

Production / Cells & Modules / HJT

Grand Sunergy plans to set up 5 GW HJT module manufacturing plant: According to a public announcement on the Laizhou government website, Grand Sunergy is planning to build a 5 GW high-efficiency heterojunction (HJT) solar module manufacturing facility in Shahe Town, Laizhou City of Yantai City, Shandong Province. To be constructed in 3 phases, the company plans to invest about RMB 1.58 billion ($222 million) in this facility. The first and second phases, with 1.25 GW of module production capacity each, are expected to be operational by the end of 2024 and mid-2025, respectively. The third phase, which will double the capacity to 5 GW, is scheduled to be completed by the end of 2025. Grand Sunergy showcased its latest multiple-scenario HJT modules at the 17th SNEC PV+ event in Shanghai, China (see TaiyangNews’ coverage of the company at the event here).

Production / Cells & Modules / Perovskite

Shenzhen S.C starts perovskite pilot line operations: Solar equipment maker Shenzhen S.C has announced that the perovskite pilot line at its Changzhou base has begun operations, following a complete debugging of all the equipment. The company says the 300 x 300 mm perovskite cells produced at this pilot deliver over 18% efficiency, while the 210 mm perovskite/silicon tandem cells deliver over 26% efficiency. Spread over 1,000 sq. m., the line is said to feature over 20 kinds of equipment all independently designed and manufactured by the company. These include ‘coating machines for TCO glass and silicon substrates, multi-component co-evaporation machines, laser scribing equipment, PVD, RPD, ALD, and other core processing tools,’ covering all production steps for both kinds of cells produced at the pilot line. Last week, in contrast to the general trend, Shenzhen S.C reported revenues and net profits that were both up year-over-year (see China Solar PV News Snippets).

Production / Green Methanol

LONGi signs agreement for 400,000-ton green methanol plant: LONGi has announced that it has signed an agreement with the government of Urat Rear Banner in Inner Mongolia to establish an integrated facility to produce 400,000 tons of green methanol per year. The facility will leverage wind, solar, hydrogen, and energy storage technologies. The project is expected to involve an investment of RMB 6.97 billion ($971 million) and will include the construction of a 1.05 GW wind and solar power generation facility, along with supporting energy storage infrastructure with a capacity of 157.5 MW/315 MWh. The renewable energy generated by this project will be used to produce 54,000 tons of green hydrogen annually, which will be directly utilized to synthesize 400,000 tons of green methanol. The project is scheduled to commence construction in 2025 and begin operations in 2026. Last week, LONGi announced a collaboration with Chinese communications service provider ZTE Corporation, to develop the solar project at ZTE Industrial Park in Xi'an (see China Solar PV News Snippets).

Supply / Cells & Modules / HJT

Huasun selected as SPIC’s 2024 N-type HJT/Tandem PV cell and module supplier: Heterojunction (HJT) manufacturer Huasun Energy has announced that it has been selected by the State Power Investment Corporation (SPIC) as a supplier for n-type HJT and tandem photovoltaic (PV) cells and modules in 2024. Huasun says this recognition highlights its leadership in HJT technology and its strong market reputation. The selection is part of SPIC's evaluation, which included 11 companies for HJT/tandem PV supply. The company says that its inclusion reflects the growing interest in HJT technology, particularly from state-owned enterprises like SPIC, China Huaneng, and China Datang. The market share for N-type modules in domestic PV projects has risen significantly, indicating strong growth potential. Huasun claims its 20 GW annual HJT cell production capacity is the highest in the industry. Huasun Energy was recently ranked 7th overall and top in the photovoltaic (PV) sector on the Hurun China Renewable Energy Companies with Potential 2024 list (see China Solar PV News Snippets).

Supply / Cells & Modules / Back Contact

POPSOLAR’s GW-scale BC cell capacity online: Solar cell and module manufacturer POPSOLAR has announced that it has shipped the first batch of high-efficiency back contact (BC) cells from its Taixing manufacturing base. The company said that its n-type TBC cell process, based on passivated contact technology, incorporates a proprietary laser doping patent technology to complete boron and phosphorus doping in a single step on the backside of the cells. This results in a mass production conversion efficiency of up to 26%. This process significantly reduces both process duration and production costs, says the company. POPSOLAR claims to be the world's first professional cell manufacturer to supply GW-scale BC cells.

Supply / Liquid-Cooled ESS

JinkoSolar to provide 60 MWh SunTera liquid-cooled ESS for Qinghai project: Leading solar module and energy storage system (ESS) supplier JinkoSolar has announced that it will supply 60 MWh of SunTera G2 liquid-cooled ESS for an energy storage plant in Gonghe County, Qinghai Province. Used for applications such as grid-scale energy conversion, the company says the SunTera G2 ESS uses an intelligent liquid cooling system to regulate temperature. It says that the system’s non-uniform and refined flow channel design helps maintain its operating temperature difference within 2.5oC. Jinko says that this design aids to improve heat dissipation, helping the system to handle higher heat loads while maintaining low operating temperatures. Earlier this month, JinkoSolar announced that it will supply 12 SunTera G2 units, totaling 60 MWh, to Yangzhou Tairun (see China Solar PV News Snippets).

Agri-Power Plant

Trina Solar unveils Agri-PV project in Japan: Solar module and ESS maker Trina Solar has launched a new agrivoltaics (agri-PV) project in Fukuchiyama, Kyoto Prefecture, Japan. The project, developed by Trina Solar's International System Business Unit, showcases the integration of solar energy production with agricultural activities. A total of 3,392 ultra-high power Vertex N 720W modules have been used in the project, capable of generating 2,700 MWh of clean energy annually and reducing CO2 emissions by 1,760 tons each year. The shade provided by the modules of the Agri-PV system reduces soil moisture evaporation, which in turn supports the cultivation of Japanese yam beneath the solar panels. Trina Solar says its “PV+” model, which optimizes land use by allowing agricultural machinery to operate beneath the panels, demonstrates a sustainable approach to land use. Japan aims to achieve carbon neutrality by 2050, and this project aligns with its goal, says Trina. It says further that the project highlights the potential of agrivoltaics in the areas of renewable energy production and agricultural productivity. Recently, Trina Solar’s Yiwu manufacturing base has received a 4-star Zero-Carbon Factory (Type I) certification for 2023 (see China Solar PV News Snippets).

Company Performances

Sineng Electric’s H1 2024 revenues down; net profits up: Solar inverter and energy storage systems (ESS) manufacturer Sineng Electric has released its financial results for the first half of 2024. The company's reported revenues of RMB 1.93 billion ($264 million) for the period, down 11.53% year-on-year (YoY). Its net profit attributable to shareholders was up 18.90% YoY to RMB 161 million ($22 million). Sineng Electric attributed the growth in net profit to cost reductions through R&D efforts and an increase in its overseas business. The company’s solar inverter business generated RMB 1.38 billion ($188 million) in revenues, up 6.20% YoY, primarily due to the growth in business overseas. Meanwhile, revenue from energy storage bidirectional converter and system integration products decreased by 37.96% to RMB 507 million ($69 million) due to a decline in the ESS integration business.

Kibing Group's H1 net profit up over 25%: Solar glass manufacturer Kibing Group has reported H1 2024 revenues of RMB 7.91 billion ($1.08 billion), up RMB 1.03 billion ($140 million) or 14.92% YoY. The company’s net profit for the period rose RMB 164.05 million ($23 million) YoY, or 25.35%, to RMB 811.23 million ($113 million). For the first 6 months, Kibing Group produced 213.02 million sq. m. of processed solar glass and sold 184.95 million sq. m., reflecting significant growth in production and sales volume, said the company. Kibing commissioned 2 solar glass production lines with a capacity of 1,200 tons per day each during the period. As of the end of June, it 9 solar glass production lines in operation, with a total capacity of 10,600 tons per day. The company says it has 2 more solar glass production lines under construction, which will add another 2,400 tons per day once complete. Kibing Group claims it ranks 3rd in the industry for its solar glass production capacity.

CECEP Solar’s reports H1 2024 financial results: Solar power plant developer and solar module manufacturer CECEP Solar has released its H1 2024 financial results, reporting that its revenues were down 19.57% year-on-year (YoY) to RMB 3.24 billion ($454.52 million). The company’s net profit of RMB 814.33 million ($114.27 million) was down 9.37%. During the 6-month period, CECEP’s solar power plant business generated sales revenues of RMB 2.18 billion ($3.05 million), down 3.62% YoY. Accounting for 32.7% of the total revenues, the company’s solar product sales revenues of RMB 1.06 billion ($1.49 million) were down 40.06% YoY. On the operations front, CECEP Solar produced 1.32 GW of solar cells in the first half of the year, primarily for internal use, while its module output was 1.26 GW with sales of 1.23 GW. The company said that it had a total solar product capacity of 5 GW as of the end of June 2024, including 1.5 GW of solar cells and 3.5 GW of modules. The company also reported that it has 11.582 GW of power plants in operating, under-construction, planned, and pre-acquisition agreement stages, with a cumulative 17 GW of self-built and acquisition projects. Earlier this month, CECEP Solar Energy Technology shared its plans to invest in a 500 MW solar photovoltaic and desertification control plant (see China Solar PV News Snippets).

CSG's H1 2024 net profit down 17.58% YoY: Solar glass manufacturer CSG has reported H1 2024 revenues of RMB 8.08 billion ($1.13 billion), which is down 3.70% Year-on-Year (YoY). The company’s net profit for the period was RMB 733.11 million ($103 million), down 17.58% YoY. The company said that continued supply-demand mismatches in H1 2024 led to sharp price declines across the industry. This, coupled with the impact of international trade barriers, resulted in a cyclical adjustment phase for the sector. As of June 2024, CSG operated 9 solar rolled glass production kilns and supporting deep-processing facilities in China. Additionally, the company is constructing a 50,000-ton/year high-purity polysilicon project at its Qinghai base.

QW Solar H1 2024 revenues fall more than 79% YoY: Solar PV manufacturer QW Solar has reported a 79.16% YoY drop in its H1 2024 revenues of RMB 145 million ($20.35 million) compared to RMB 698 million ($97.98 million) in H1 2023. The company reported a net loss of RMB 47 million ($6.6 million) for the period, which was an improvement of 40.13% YoY from a net loss of RMB 78.52 million in H1 2023. The company cited the divestment of its rubber, plastic products and auto parts businesses for the drop in performance this quarter.

Sungrow's H1 2024 net profit up about 14%: Solar inverter supplier Sungrow has reported that its revenue for the first half of 2024 increased 8.38% year-over-year to RMB 31.03 billion ($4.33 billion). The company also reported a net profit of RMB 4.96 billion ($691 million) for the period, up 13.89% year-on-year. The inverter segment generated revenue of RMB 13.09 billion ($1.83 billion), accounting for about 42% of the total revenue, growing 12.63% YoY. The new energy investment and development segment saw an 18.45% increase in revenue, reaching RMB 8.95 billion ($1.25 billion), contributing approximately 29% of total revenue. In contrast, the company’s energy storage systems segment revenue declined 8.30% YoY to RMB 7.82 billion ($1.09 billion), accounting for about 25% of total revenue. Sungrow also highlighted some major orders secured in H1 2024, including a 3.5 GW solar and storage supply agreement with Thailand's Gulf Energy, an off-grid project for the Amaala luxury resort in Saudi Arabia (165 MW of solar inverters and 160 MW/760 MWh of energy storage systems), a 7.8 GWh energy storage project in the Middle East with Algihaz, and an 880 MWh independent energy storage station in Latin America with Atlas. Sungrow showcased its latest offerings at Intersolar Europe 2024 (see TaiyangNews’ coverage here).

TCL TZE's H1 2024 net profit plummets by 166%: n-type solar wafer and module manufacturer TCL TZE has reported a significant drop in its financial performance for the first half of 2024. The company reported revenues of RMB 16.21 billion ($2.26 billion) for the period, down 53.54% YoY, and a net operating cash flow (OCF) of RMB 128 million ($18 million), down 95.52% YoY. Its net loss of RMB 3.18 billion ($443 million) for the period was a YoY decline of 165.63%. The company’s photovoltaic silicon wafer business reported revenues of RMB 10.43 billion ($1.45 billion), down 61.31% YoY, accounting for 64% of total revenue. Revenue from solar modules, representing 17% of total revenues, was down 46.95% YoY to RMB 2.76 billion ($385 million). TCL TZE attributed the poor performance to factors including market price drops due to supply-demand imbalances, weak competitiveness in its solar module business, and the underperformance of its affiliate, Maxeon. Operationally, TCL TZE reported that its n-type product achieved industry-leading monthly output per unit by about 12.3% and output per kilogram by about 1.15 pieces. With higher unit depreciation, the company's total cost was about RMB 0.033/W lower than the next best competitor. As of the end of June, TCL TZE's annual monocrystalline silicon wafer capacity was 190 GW, with a shingled module capacity of 22 GW. The company shipped approximately 62 GW of wafers, increasing 18.3% YoY and claiming a 23.5% market share, the highest in the industry. TCL TZE also announced a collaboration with RELC, a subsidiary of the Saudi Public Investment Fund (PIF), and Vision Industries to establish a 20 GW crystalline wafer factory, the largest overseas facility of its kind, enhancing its global competitiveness.

DMEGC’s H1 2024 solar product shipments up 78%: Vertically integrated solar module manufacturer DMEGC has released its H1 2024 financial results, reporting revenues of RMB 9.57 billion ($1.33 billion) for the period, which was down 6.62% YoY. The company’s net profits of RMB 639 million ($89 million) were down 47.29% YoY. While the company’s solar PV segment revenue was down 13.25% YoY at RMB 5.90 billion ($822 million), its product shipments were up 77.87% YoY at 8.1 GW. The company claimed it had established a professional operational framework for large-scale projects, distributed projects (including energy storage), EPC construction, and operations and maintenance. DMEGC reported that it had over 600 MW of large-scale centralized projects under construction, more than 50 MW of EPC projects, and over 1 GW of reserve power station projects in H1 2024. As of June 2024, its annual production capacity totaled 14 GW of solar cells and 12 GW of modules, which the company says ranks 9th among solar module manufacturers globally in the 2023 Wood Mackenzie report, and among the top 10 in global module shipments according to InfoLink Consulting.

Autowell reports over 47% growth in H1 2024 net profit: Solar automation equipment and lithium battery equipment manufacturer Autowell Technology has reported H1 2024 revenues of RMB 4.42 billion ($616 million), up 75.48% year-on-year (YoY). For the period, the company reported a net profit of RMB 769 million ($107 million), up 47.19%. Autowell highlighted strong order intake, with new orders totaling RMB 6.29 billion ($878 million) in H1 2024, up 8.74% from the previous year. As of June 30, 2024, the company had a backlog of RMB 14.34 billion ($2.00 billion), up 41.11% YoY. The company’s net profit came in at the high end of the range it had forecasted earlier in June (see China Solar PV News Snippets). As for its revenue split, over 90% of Autowell's revenue was from solar manufacturing equipment. The company claims that its solar cell stringer machines command over 60% of the global market share at over 600 production facilities worldwide. It cautioned, however, that ongoing financial difficulties within the solar industry could negatively impact its future performance.

Yonz Technology’s H1 revenues up 41.36%: As part of its H1 2024 financial results, solar frame manufacturer Yonz Technology has reported a revenue of RMB 3.53 billion ($495 million) for the period, which is a 41.36% increase YoY. The company’s net profit for the period was RMB 176 million ($25 million), up 3.89% YoY. Yonz made its debut on the Shanghai Stock Exchange in June 2024. According to its prospectus, the company’s revenue from 2021 to 2023 grew at a compound annual growth rate (CAGR) of 35.13%, with revenue figures of RMB 2.62 billion ($367 million), RMB 4.52 billion ($633 million), and RMB 5.32 billion ($745 million) for the 3 years, respectively, and corresponding net profits of RMB 91 million ($13 million), RMB 246 million ($34 million), and RMB 368 million ($52 million). As of June 2023, Yonz Technology has 4 production bases, with 24 million tons of annual solar frame manufacturing capacity, equivalent to nearly 90 million sets. The company claims that it had a 10.73% share of the solar frame market in 2023. It has a new 27-million-ton production base under construction in Wuhu and plans to establish an 18-million-ton production base in Vietnam. Once operational, these bases would push the company's total annual production capacity up to 69 million tons.

Certifications & Recognitions

Trina Solar Vertex N 720W modules show ultra-low UV degradation: Vertically integrated solar manufacturer Trina Solar has announced that its TOPCon-based Vertex N 720W series modules have achieved a low degradation rate of 1.6% in the UV300 test by the China General Certification Center (CGC). The company’s Vertex N 625W modules previously achieved top results in RETC testing with less than 1.5% degradation. Trina Solar says that it focuses on enhancing UV resistance through advanced cell design and process control. It said further that its innovative passivation film layer process optimizes efficiency and UV resistance, with rigorous quality control standards during mass production.

Huasun on BNEF PV Module Maker Tier 1 List for Q3 2024 with All-Heterojunction Projects: Heterojunction (HJT) module manufacturer Huasun Energy has been included in Bloomberg New Energy Finance's (BNEF) PV Module Maker Tier 1 List for Q3 2024. The company says it has been recognized for its high-efficiency HJT products, strong brand presence, and financial stability. It said further that the inclusion reflects its leadership in the global solar market. The BNEF Tier 1 list is a key industry benchmark, evaluating PV module manufacturers based on product quality, eligibility for government project bids, and the ability to secure non-recourse financing. Huasun says that its consistent presence on the list highlights its advancements in HJT technology, with products like the Himalaya G12-132 module, and its global deployment of HJT products across diverse applications. Huasun Energy was recently recognized as one of the most promising renewable energy companies in China in the Hurun China Renewable Energy Companies with Potential 2024 list (see China Solar PV News Snippets).

DAS Solar included in BNEF Tier 1 PV Module Maker list: Solar cell and module manufacturer DAS Solar has been included in BloombergNEF's Tier 1 PV Module Maker list for Q3 2024. The company says that this is a recognition of its progress in n-type technology, product performance, and financial stability. DAS Solar says that its work in TOPCon technology has led to a mass production efficiency of 26.6%, which enabled it to earn an inclusion in the BNEF list. The company said that it is also focused on sustainable manufacturing practices and has expanded its presence globally, with operations in Europe, Asia-Pacific, and Oceania. Earlier this month, DAS Solar terminated its initial public offering (IPO) on the ChiNext board of the Shenzhen Stock Exchange (see China Solar PV News Snippets).

JinkoSolar named among 2024 Fortune China Tech 50: Solar PV and energy storage systems (ESS) manufacturer JinkoSolar has been featured on the 2024 Fortune China Tech 50 list. The company says that this recognition underscores its strong R&D capabilities and innovation in the PV industry. It says further that its technological achievements, including a record 33.24% perovskite cell efficiency, has earned it a place among the top 50 Chinese tech companies making a global impact. The company claims it has over 4,100 patent applications and has made significant investments in n-type TOPCon technology. Earlier this month, JinkoSolar announced that it will supply 12 units of its utility-scale Battery SunTera G2 to Yangzhou Tairun (see China Solar PV News Snippets).

4-Star Zero-Carbon certification for Trina Solar's Yiwu manufacturing base: Solar module manufacturer Trina Solar has announced that its Yiwu manufacturing base has successfully obtained a 4-star Zero-Carbon Factory (Type I) certification for 2023 after passing a supervisory audit by the Ti Testing and Certification Group. Earlier in 2023, this facility was first in the PV industry to receive this certification, securing a 3-star Zero-Carbon Factory (Type I) certification. The company said that the Yiwu base continued to implement energy-saving and carbon-reduction measures throughout 2023, achieving a 6.86% reduction in electricity consumption per unit of product (kWh/MW) and a 6.18% decrease in carbon emissions per unit of production (tCO2e/MW) compared to 2022. The company said these improvements enabled the base to meet the requirements for the 4-star certification.

Intersolar South America 2024

DAS Solar showcases N-type 4.0 Series at Intersolar South America 2024: Solar cell and module supplier DAS Solar introduced its latest N-type 4.0 series at Intersolar South America in S?o Paulo, Brazil. The series includes the company’s lightweight modules and portable PV products. DAS Solar presented several high-efficiency products, including n-type bifacial double glass modules with power outputs ranging from 475 W to 645 W. The company claims to have set multiple records for TOPCon cell efficiency, achieving a mass production efficiency of up to 26.6%. It says these modules offer cost and efficiency improvements, along with ease of installation and maintenance.