After reporting higher operating revenue and net profit in H1/2020, EGing PV said it will invest RMB 1.92 billion to invest in new production capacity. (Photo Credit: Changzhou Yijing Optoelectronics Technology Co., Ltd.)
- EGing PV reported higher sales volume in H1/2020 and plans to invest RMB 1.92 billion to expand its production capacity
- GCL New Energy will build 8 solar PV projects for a total capacity of 650 MW in Suzhou
- China Huaneng Group subsidiary has won a contract to build 1 GW solar, wind and storage capacity
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EGing PV reports RMB 7.5 Million net profit in H1/2020: Solar panel maker EGing PV increased its annual operating income in H1/2020 by 63.88% to a total of RMB 2.05 billion ($300 million) while achieving a net profit of RMB 7.5 million ($1.1 million), turning profitable after running into losses last year thanks to improved sales volumes, operating income and gross profit. It shipped 1.27 GW of solar modules during the period, 98% more than previous year, shipping 914 MW within China. Chinese shipments grew 156% on YoY basis while overseas shipments of 356 MW went up 24.91%. Management said the company expanded its overseas sales to 35 countries and regions. From January 2020 to August 2020, it won more than 3 GW capacity in bids, including pre-winning bids from state backed enterprises in China.
Despite the COVID-19 pandemic related challenges in H1/2020, EGing PV has decided to invest RMB 1.92 billion ($281 million) on expanding its production capacity. It plans to acquire Inner Mongolia Huayao Optoelectronics Technology Co., Ltd., and invest RMB 1 billion ($146 million) to build a new 3 GW silicon crystal growth and wafer fab. Another RMB 600 million ($88 million) will be invested on building a high efficiency 1.5 GW monocrystalline solar cell fab in Changzhou Jintan. The remaining RMB 320 million ($47 million) will be invested to build 2.5 GW monocrystalline module capacity, also in Changzhou Jintan. “Currently, among the three major investment projects, the first-phase module project (1.25GW) has reached production capacity, and the second-phase project (1.25GW) is under installation and commissioning, and it is expected to reach production capacity in the third quarter,” stated the company.
650 MW solar PV capacity for GCL New Energy: GCL New Energy has entered into an agreement with State Power Investment Corporation Guizhou Jinyuan for the development of 650 MW PV capacity in Suzhou. It will be developed in the form of 8 projects. Both the partners also plan to cooperate on grid parity PV power generation projects in Southern China’s Guangxi, Guangdong and Hainan under next phase of cooperation, reported PV Men.
China Huaneng to build solar, wind and storage capacity: China Huaneng Group’s wholly owned subsidiary Huaneng Hulunbuir signed a framework agreement with the People’s Government of Zalut Banner to build 1 GW solar, wind and storage capacity. As per the agreement signed, the company will invest about RMB 5 billion ($732 million) to build 500 MW solar PV, 500 MW wind power and energy storage capacity. Once the entire capacity up and running, the company expects it to generate annual sales of RMB 600 million ($88 million).