CHINA SOLAR PV NEWS UPDATE: WEEK 5

Here is our Weekly China Solar PV News Overview, which provides select stories on solar developments in the world's largest PV market that have been published on?TaiyangNews - All About Solar. If you are interested in weekly solar updates on China, please subscribe. For our global daily newsletter, check our website https://taiyangnews.info/

MARKETS

China’s cumulative grid-connected solar power to hit 780 GW by 2024: According to data released by the China Electricity Council, the cumulative grid-connected solar power capacity in China will reach 780 GW by 2024. The report estimates a total national electricity consumption of approximately 9.8 trillion kWh for the year 2024, reflecting a growth of around 6% compared to 2023. In terms of power supply in 2024, the China Electricity Council anticipates newly commissioned generation capacity to exceed 300 GW. The cumulative installed capacity of renewable energy is expected to surpass coal-fired power for the first time.

China’s solar power sector attracts investments worth $93.45 billion in 2023: National Energy Administration (NEA) has released data indicating that the investment in solar power generation in China exceeded RMB 670 billion ($93.45 billion) in 2023. 3 provinces, namely Yunnan, Hebei, and Xinjiang, witnessed a YoY growth rate of over 100% in centralized PV investments. By the end of 2023, the cumulative installed capacity of newly commissioned advanced energy storage projects nationwide reached 31.39 million kW or 66.87 million kWh, with an average storage duration of 2.1 hours. In 2023, the newly added installed energy storage capacity amounted to approximately 22.6 million kW or 48.7 million kWh, representing a growth of over 260% compared to the end of 2022.

China to collaborate on solar, wind, and hydropower projects with Uzbekistan: China’s President Xi Jinping and Uzbekistan’s President Shavkat Miromonovich Mirziyoyev have announced the decision to develop a new era, all-weather, comprehensive strategic partnership, aiming to build a community of shared destiny between China and Uzbekistan at a higher level. During the meeting, President Xi Jinping stated that China is willing to expand the entire industrial chain cooperation of new energy vehicles with Uzbekistan and engage in significant projects involving solar, wind, and hydropower. This collaboration aims to support Uzbekistan’s green economic development strategy and advance sustainable development initiatives.

BUSINESS

Production / Cells & Modules / TOPCon

Qingdian Changxin’s 13.2 GW TOPCon cell fab online: Qingdian Changxin, the manufacturing arm of Clean energy company Qingdian Group, has announced that its 13.2 GW high-efficiency n-type TOPCon solar cell facility has commenced operations. The company has invested about RMB 12 billion ($1.67 billion) in the 850-acre facility located in Hefei City. It says that the facility utilizes globally leading automated solar cell production equipment, achieving a solar cell conversion efficiency of over 25%. Once fully up and running, its total capacity will reach 23.1 GW.

Production / Cells & Modules / HJT

Soltrend’s 3.6 GW HJT tandem cell & module fab 1st phase online: Soltrend has commissioned the Phase I heterojunction (HJT) tandem cell and module fab in Helu Industrial New City. The 1st phase started construction in June 2023 with a designed capacity of 3.6 GW. To be built in 2 phases, when complete, the facility will consist of 6 HJT cell production lines with a total capacity of 10.8 GW. At that time, it is expected to generate about RMB 16.5 billion ($2.3 billion) in revenues for the company.

Supply / Cells & Modules

Aiko Solar and INSELL sign 200 MW ABC module cooperation agreement: Aiko Solar has announced that it has signed an agreement with INSELL, a well-known Polish photovoltaic distributor. According to the agreement, Aiko Solar will supply 200 MW high bifacial ratio ABC modules to INSELL within 3 years. ABC modules are currently the most efficient photovoltaic module products in the industry.

Tongwei signs module supply agreement with KON?AR: Vertically integrated solar PV manufacturer Tongwei Solar has announced that it has signed a module supply agreement with KON?AR. Under this agreement, Tongwei will supply high-efficiency bifacial modules (TWMND-72HD) for the 13.54 MW Dugopolje power station (see Croatia’s Largest Solar Plant Online). The contract value of the construction is €11 million which is expected to be completed in 18 months. The project, part of Hrvatska Elektroprivreda (HEP Group), is set to generate 17.2 million kWh annually, meeting the electricity needs of approximately 6,000 households.

Recently, Tongwei Solar announced receiving approval for multiple PV manufacturing facilities (see China Solar PV News Snippets).

Supply / Trackers

Akcome Technology wins Ningxia Zhongwei Phase II 178 MW tracker bid: Akcome Technology has announced that it has won the bid for the Ningxia Zhongwei photovoltaic project. The company will supply 178 MW of flat single-axis trackers for the project.

The second phase of Ningxia Zhongwei’s 2 GW PV project is said to be China’s first ultra-high voltage transmission channel that focuses on developing a large desert PV base. The project will use Akcome’s SMART-R reducer 1P tracking system.

Supply / Equipment

1st batch of equipment arrives at Seraphim’s Yingshang TOPCon cell fab: The 1st batch of equipment has been delivered to Seraphim’s TOPCon cell fab in Yingshang, Anhui, the company has announced. The facility, once complete, will have an annual capacity of 7.5 GW TOPCon cells.

Recently, Seraphim announced the commencement of production at its Jinzhai Phase II high-efficiency TOPCon module fab (see China Solar PV News Snippets).

LeadLaser ships 1st domestic GW line perovskite laser scribing equipment: Laser equipment provider LeadLaser has shipped the 1st GW line perovskite laser scribing equipment domestically. The equipment is about to undergo product verification at the client. The company says that this marks China perovskite industry’s entry into GW-level mass production era.

PV Coating Equipment

Dashengda to enter PV coating equipment business: Paper packaging company Dashengda has announced that it is entering the PV coating equipment business. The company joined hands with Microquanta to acquire the Netherlands-based Fornax B.V., a thin film vacuum equipment manufacturing and supply company. The main products of Fornax include cadmium telluride thin films, copper indium gallium selenide thin films, and perovskites, among other things.

Performance Forecasts

Risen Energy projects 2023 net profit to grow up to 79.95%: Solar panel manufacturer Risen Energy has released its performance forecast for FY2023. It expects net profit attributable to shareholders in the range of RMB 1.32 billion ($184 million) to RMB 1.70 billion ($236.95 million). This reflects a year-on-year growth of 39.73% to 79.95%. The company attributes this performance to the general global uptrend in the photovoltaic (PV) industry, increased profitability in its PV module sector due to large-scale shipments in the North American module market and enhanced performance from new production capacities, among others.

In October 2023, Risen reported a 33.27% increase in its operating income for 9M 2023 (see China Solar PV News Snippets).

HIUV New Materials forecasts net loss for FY2023: Solar module encapsulation supplier HIUV New Materials forecasts a net loss for fiscal year 2023, in the range of RMB -240 million (-$33.4 million) to RMB -220 million (-$30.6 million). The company expects its operating income to range from RMB 4.8 billion ($668.6 million) to RMB 5 billion ($696.5 million) in 2023.

As for the reasons behind the net loss, the company cites demand and price fluctuation, a difficult macroeconomic and industrial environment, lower prices of EVA, lower gross profit margin, etc.

Trina Solar forecasts up to 58.36% net profit growth for FY2023: A press release from solar module manufacturer Trina Solar forecasts its FY2023 net profits to range between RMB 5.272 billion ($734.4 million) and RMB 5.827 billion ($811.7 million). This is an increase of RMB 1.592 billion ($221.7 million) to RMB 2.147 billion ($299.1 million) over the same period last year, or an increase of 43.27% to 58.36%.

The company cites the substantial increase in n-type advanced production capacity, in-house wafer production, and increased sales of its high-power 210 series PV products as the positive factors behind its performance.

GCL System Integration forecasts 2023 revenue to rise 109.49%: Solar PV cell and module manufacturer GCL System Integration has forecasted its FY2023 revenue to range from RMB 15.5 billion ($2.16 billion) to RMB 17.5 billion ($2.44 billion). This represents a YoY growth of 85.55% to 109.49%. The company attributes this positive financial performance to increased solar module shipments, significant growth in system integration and energy storage business, among others.

TCL Zhonghuan forecasts FY2023 net profits to decline by up to 38.4%: According to TCL Zhonghuan’s 2023 performance forecast released recently, the company expects its net profit to range between RMB 4.2 billion ($585.1 million) and RMB 4.8 billion ($668.6 million). This translates to a year-over-year decline of 29.6% to 38.4%. The company cites, among other factors, price declines, increased competition and compressed profit margins as the reasons behind the decline in performance.

In H1 2023, TCL Zhonghuan reported a net income increase of more than 55% YoY (see China Solar PV News Snippets).

JinkoSolar forecasts 2023 net profit to rise 171% YoY: Solar module manufacturer JinkoSolar released its annual performance forecast for the year 2023 last Friday. It forecasts that its net profit attributable for FY 2023 will range from RMB 7.25 billion ($1.01 billion) to RMB 7.95 billion ($1.11 billion). This represents a Year-on-Year (YoY) increase of 146.92% to 170.76%.

Separately, JinkoSolar has also announced that it has signed a strategic cooperation agreement with IBM at the Shanghai JinkoSolar Center. The company says this agreement will help it implement its digital transformation. According to the agreement, the 2 parties will carry out more in-depth exchanges and cooperation in the future.

Recently, JinkoSolar announced that 11 of its SunGiga liquid cooling C&I energy storage systems have been installed in Zhejiang (see China Solar PV News Snippets).

Sungrow expects up to 89% rise in revenue for FY 2023: Solar PV inverter manufacturer Sungrow expects RMB 71 billion to RMB 76 billion in revenues for FY 2023, an increase of 76% to 89% YoY. Further, it expects its net profit to range between RMB 9.3 billion and RMB 10.3 billion, an increase of 159% to 187% YoY. The company cites rapid growth in its core businesses such as PV inverters and energy storage systems for its upbeat forecast.

Separately, Sungrow’s subsidiary SUNPURE TECHNOLOGY has announced the completion of Series A financing of over RMB 100 million ($13.9 million). The proceeds from the financing, which was led by Hengxu Capital, will be mainly used for the research and development of intelligent robot products for photovoltaic power stations and the optimization and upgrading of full-scenario cleaning solutions.

In December, Sungrow announced its plans to spin off its subsidiary, Sungrow Plant, through an initial public offering on domestic stock exchanges (see China Solar PV News Snippets).

Leadmicro forecasts 2023 net profit to grow 417% YoY: Yesterday, Leadmicro released its annual performance forecast for 2023, anticipating revenues of approximately RMB 1.65 billion ($230.13 million), representing a remarkable 141.05% year-on-year growth. The company also expects its attributable net profit to reach around RMB 280 million ($39.05 million), which is a 417.08% growth YoY. Furthermore, the forecast indicates a non-GAAP attributable net profit of approximately RMB 200 million ($27.90 million), reflecting an extraordinary year-on-year increase of 909.78%.

In the fiscal year 2023, Leadmicro secured new orders totaling approximately RMB 6.469 billion ($902.26 million), a remarkable 2.96 times more than the orders obtained during the same period last year. Notably, the photovoltaic sector experienced a 2.92-fold rise in new orders.

In November 2023, Leadmicro Nano announced that its special equipment for perovskite crystalline silicon stacked cells had received acceptance from overseas customers (see China Solar PV News Snippets).

Efficiency & Certifications

Trina Solar’s Vertex S+ module shows 3.09% gain in energy yield in TüV Nord test: Solar module manufacturer Trina Solar has announced that its Vertex S+ 445W and Vertex S+ 450W modules exhibited a 3.09% and 2.77% increase in energy yield, respectively, in a 3-month empirical test by TüV Nord. These figures are in reference to p-type modules. The study, ongoing for 12 months, took place in Jiangsu province, China, featuring a subtropical monsoon climate. The Vertex S+ modules demonstrated excellent low-irradiance performance, with an average efficiency difference of 0.59% higher than reference modules under various irradiance conditions.

Trina Solar’s Vertex S+ n-type dual glass series combines 210 mm rectangular silicon wafer cell technology with n-type i-TOPCon Advanced technology, offering enhanced efficiency and increased power generation. The company said that the modules maintain exceptional efficiency even in regions with low irradiance, making them suitable for areas like Europe and Japan.

Trina Solar recently expanded its Vertex S+ module series (see Trina Solar Expands Its Vertex S+ Module Series).

Photon Crystal Energy’s perovskite module achieves 20.13% steady-state efficiency: In a news release, Photon Crystal Energy has claimed a steady-state efficiency of its 815.9 cm2 large-sized perovskite module has reached 20.13%. The company states that this achievement has been certified by the China National Photovoltaic Industry Measurement and Testing Center. The company says that this number is the highest steady-state efficiency for a 30 cm × 30 cm size module.

The company says that it employs a unique ink modulation technology for applying the perovskites that is based on a full printing process featuring improved stability. The company verified the feasibility of the technology and scaled it up to be applied on a 30 x 30 cm module in March 2023.

Accolades

JinkoSolar receives Solar Power World’s 2023 Solar Leadership Award: Solar module maker JinkoSolar has announced that it has been awarded the Solar Leadership Award in the PV Modules category by Solar Power World for the year 2023. Solar Power World is a key media outlet in the US solar market with the largest audience of installers, contractors, and developers in the industry.

Nigel Cockroft, General Manager of Jinko Solar USA, commented, “Jinko Solar holds a leading position in various fields such as technology, R&D, and ESG. This award particularly reflects our industry-leading role in providing localized services and support to our customers in the United States.”

Recently, JinkoSolar forecasted its FY2023 net profits to increase up to 170.76% (see China Solar PV News Snippets).