GCL-ET plans 1.9 GW DG solar PV projects; Hangzhou First postpones 2 factories; CECEP Solar's FY2023 net profit up 13.75%; Xinyi Glass begins construction on Shangrao PV glass plant; Hoymiles launches C&I energy storage converter; China supports rural EV charging infrastructure.
GCL-ET plans 1.9 GW of rooftop and C&I solar PV projects: GCL Group subsidiary GCL Energy Technology (GCL-ET) has announced plans to construct 1.9 GW of distributed solar photovoltaic (PV) projects. These projects will utilize the rooftops of commercial & industrial (C&I) properties and residential buildings across key provinces of China. The company plans to invest a total of RMB 5.7 billion ($787.4 million) in the projects, with RMB 700 million ($96.70 million) from raised funds. The projects that will be constructed using the raised funds are expected to be completed and connected to the grid by the end of 2024.
Recently, GCL Technology's subsidiary signed a long-term purchase agreement with LONGi for the sale of 425,000 tons of granular silicon (see China Solar PV News Snippets).
Hangzhou First postpones plans for 2 factories: Leading EVA and backsheet manufacturer Hangzhou First has announced that it is postponing its plans for 2 of its facilities until the end of 2025. The first is a copper laminate with a 5 million sq. m. annual capacity, involving RMB 359 million ($49.6 million) in investment. The other is a high-efficiency cell packaging adhesive film facility with 250 million sq.m. capacity, involving RMB 549 million ($75.8 million) in investment.
The company says that the decision comes after taking into account the prevailing manufacturing and market conditions in the industry both at home and abroad. It says further that it will resume investments at a later time and that these delays will not have a significant adverse effect on the company.
Hangzhou First recently reported a 19.66% YoY increase in its revenues and a 17.2% YoY increase in net profits for FY 2023 (see China Solar PV News Snippets).
CECEP Solar's FY2023 net profit up 13.75%: CECEP Solar Energy Technology has reported revenues of RMB 9.540 billion for FY2023, an increase of 3.29% Year-on-Year (YoY). Its net profit rose 13.75% YoY to RMB 1.579 billion ($218.1 million). CECEP's PV power station segment accounted for 47.68% of its total revenues, increasing 4.42% YoY to RMB 4.548 billion. Solar product sales accounted for the remaining, with revenues up 2.4% YoY to RMB 4.974 billion ($687.1 million).
The company's total power plant capacity of 10.682 GW at the end of 2023 included 4.674 GW of power plants under operation, 2.465 GW under construction, 2.364 GW planned, and 1.179 GW with signed pre-acquisition agreements. In terms of production, the company's 5 GW solar product production capacity at the end of the year consisted of 1.5 GW annual capacity for high-efficiency PV cells and 3.5 GW for high-efficiency modules.
In January, CECEP Solar announced its plans to raise about RMB 2.95 billion ($411.5 million) to construct 6 PV plants (see China Solar PV News Snippets).
Xinyi Glass starts construction on Shangrao City PV glass plant: PV glass manufacturer Xinyi Glass has commenced construction on its 3,600 ton/day rolled PV glass facility. The facility consists of 3 PV glass furnaces with a 1,200 ton/day capacity each and 12 product lines for rolled PV glass. The company says that it is investing about RMB 3.9 billion ($540 million) in the facility located in Shangrao City, Jiangxi Province. It is expected to start production in December 2024.
Hoymiles launches C&I liquid-cooled energy storage converter: Module-Level Power Electronics (MLPE) solutions provider Hoymiles has introduced its new generation liquid-cooled energy storage converter. Named HPCS125, the converter is said to be tailored for C&I energy storage applications. The company says it features an intelligent liquid-cooling design which ensures more uniform heating of the 3-phase IGBTs and higher heat dissipation efficiency. It claims that the product exhibits excellent temperature uniformity, maintaining a temperature difference of less than 2°C between different IGBTs, enhancing system stability and extending lifespan.
Last month, Hoymiles announced a strategic collaboration with the Dutch solar distributor VDH Solar (see Europe Solar PV News Snippets).
China supports integrated charging infrastructure: China's Ministry of Finance, Ministry of Industry and Information Technology, and Ministry of Transport have issued a directive on the charging infrastructure in county areas. It aims to accelerate the enhancement of public electric vehicle charging facilities in rural areas with renewable energy, including solar PV. The central government will allocate funds to support 70 pilot counties across 24 provinces, with each reaching their highest annual targets eligible for up to RMB 45 million ($6.22 million). The notification also encourages regions with extensive distributed solar PV coverage to integrate solar power generation, energy storage, and charging services into a unified charging infrastructure.