Trina Solar to supply 700 MW of PV modules to Citicore, reports positive Q3 & 9M 2023 results; Sany Silicon Energy signs 2 strategic cooperation agreements; Sungrow reports positive results for Q3 & 9M 2023; CNBM starts construction on manufacturing base.
Trina Solar to supply 700 MW of solar modules to Citicore; releases Q3 & 9M 2023 results: Module manufacturer Trina Solar has announced that it has signed a master services agreement with the Philippines-based Citicore Group for the supply of 700 MW of solar modules. The 2 companies under the Citicore Group's umbrella are MCC – Citicore Construction, Inc. (MCC-CCI), the engineering, procurement, and construction (EPC) arm, and renewable energy operator Citicore Renewable Energy Corporation (CREC). Under the Agreement, MCC-CCI will purchase 700 MW worth of high-power, high efficiency Vertex DE21 modules for CREC's upcoming solar plants across the Philippines, to be delivered in 2024. The Vertex DE21 is a 670W+ mono-facial module, compatible with TrinaTracker's smart trackers.
Separately, Trina Solar also announced its Q3 & 9M 2023 results recently. The company reported that its Q3 operating income increased 41.25% YoY to RMB 31.736 billion ($4.34 billion), while its net profit rose 35.67% YoY to RMB 1.537 billion ($210 million). For 9M 2023, the company's operating income increased 39.38% YoY to RMB 81.119 billion ($11.08 billion), while its net profit increased 111.34% YoY to RMB 5.077 billion ($693.82 million). Trina Solar recently announced the rollout of the 1st Vertex n-type 2382 mm standard size module from it 10 GW Huai'an base Phase II facility (see China Solar PV News Snippets).
Sany Silicon Energy signs 2 strategic cooperation agreements: Sany Silicon Energy has announced that it has signed 2 strategic cooperation agreements with the Pinglu District of Shuozhou City. The 1st agreement involves the construction of the 2nd phase of the large-size ultra-thin monocrystalline silicon wafer facility, and the 2nd agreement is for the entire Pinglu District distributed photovoltaic (PV) power generation project. The company plans to invest RMB 340 million ($46.46 million) in the ultra-thin monocrystalline silicon wafer facility signed this time, which is expected to generate RMB 2.1 billion ($286.9 million) in revenues annually. Sany Silicon expects the distributed PV power generation project to help it further enhance its mass production base for the entire PV value chain.
Sungrow reports financial results for Q3 & 9M 2023: Solar PV inverter manufacturer Sungrow has reported that its operating income of RMB 17.792 billion ($2.43 billion) for Q3 2023 increased 78.95% YoY increase, while its net profit increased 147.29% to RMB 2.869 billion ($392.07 million) for the period. From the first 9 months of 2023, the company reported a YoY increase of 108.85% in its operating income of RMB 46.415 billion ($6.34 billion), while its net profit increased 250.53% YoY to RMB 7.223 billion ($987.27 million). Sungrow attributes the strong performance to growth in revenue from PV inverters, the energy storage business and new energy investment and development.
CNBM's solar new energy industry base starts construction: China National Building Material Group (CNBM) has announced the groundbreaking of the CNBM Anhui Tongcheng Solar New Energy Industry Base. To be built in phases, the base will include a production line for PV cell packaging materials, one for heterojunction (HJT) PV cells, and one for high-efficiency crystalline silicon PV modules. Specifically, the company will invest: RMB 5 billion ($683.4 million) to construct 4 new 1200 t/d ultra-clear rolled substrate glass and supporting solar PV cell packaging material glass deep processing production lines; RMB 1.5 billion ($205 million) in a 3 GW HJT high-efficiency PV cell production base; RMB 3.8 billion ($519.4 million) in a new 25 GW high-efficiency crystalline silicon PV module production base. In July 2023, CNBM had announced the commissioning of its 950 ton high-quality float glass production line (see China Solar PV News Snippets).