China PV News Snippets

CTG invests in new 10 GW PV cell production facility; GCL System revenue at RMB 2.7 bn in H1 2022; Lucky Optoelectronics begins new material project; TBEA releases H1 2022 results; Yajiang Hongxing I project begins; Shangji Automation announces 2022 semi-annual results.

China Three Gorges enters PV cell production segment: China Three Gorges (CTG) announced on its website that it recently held a groundbreaking ceremony for its 10 GW solar cell production facility in Xinzhou, Shanxi. About RMB 6 billion ($0.87 billion) is being invested in this facility that is spread across 474 acres. Cell production workshop, power station, chemical warehouse, 110KV substation, warehouse, staff dormitory and related supporting buildings will be constructed as part of this facility. Once the facility begins production, the annual sales revenue is expected to be about RMB 12 billion ($1.74 billion). The factory is expected to be commissioned by the end of June 2023, and begin production by October 2023. As the company's first advanced equipment manufacturing base in Xinzhou which combines wind power, solar power, ESS and hydrogen power, this project is considered of great significance to accelerate local economic transformation, as well as facilitate business development and strategic layout of CTG in Xinzhou and Shanxi Province.

GCL System Integration releases H1/2022 report: Chinese integrated solar manufacturer GCL System Integration achieved a total revenue of RMB 2.7 billion ($0.39 billion) in H1/2022, up 37.32% year on year. Net profit attributable to shareholders touched RMB 37.5 million ($5.42 million), up 115.16% year on year, and the net operation cash flow touched RMB 0.38 billion ($0.05 billion), up 190.49% YoY. During the reporting period, the second phase of the company's Hefei manufacturing base was put into production in Q1/2022. It is expected that the first phase of 15 GW of the 60 GW 'super module' manufacturing base in Hefei will achieve full production capacity by Q3, helping the company reach over 20 GW large-size module capacity by the end of 2022. Meanwhile, the company's n-type TOPCon module efficiency is said to exceed 22%. Benefiting from this, GCL's module business achieves a revenue of RMB 1.5 billion ($0.22 billion), up 217% year on year, which is the core driving force for the rapid growth of the company's business performance.

Groundbreaking for Lucky Optoelectronics new materials research facility: New material company Lucky Optoelectronics said that its new material project has been launched, following a groundbreaking ceremony. It will invest RMB 5 billion ($0.72 billion) in research, development and production of new materials such as PVB film, TAC film and PI films that are used in photovoltaics, automotive electronic displays, mobile phones, computers and other fields.

TBEA net profit at RMB 6.9 billion in H1 2022: Solar PV inverter & silicon manufacturers TBEA released its 2022 semi-annual report showing:

• The company achieved a total revenue of RMB 38.7 billion ($5.6 billion), up 72.15% year on year
• The net profit attributable to shareholders touched RMB 6.9 billion ($1 billion), up 122.29% year on year
• The net operation cash flow touched RMB 10.4 billion ($1.5 billion), up 119.57% year on year

As to the reasons for the significant increase in operating performance, the company believes that it is mainly due to the year-on-year increase in sales volume of polysilicon products and coal products, the year-on-year increase in the average sales price, and the increase in the power generation of new self-consumption power plants during the reporting period.

Construction begins for Yajiang 500 MW PV project: China Huadian Corporation Sichuan announced that the groundbreaking ceremony of the 500 MW photovoltaic power station of Yajiang Hongxing I project was held in Ganzi Prefecture. Affiliated to China Huadian Corporation Sichuan, this project has an investment of RMB 2.5 billion ($0.36 billion), an installed capacity of 500 MW, and an average annual power generation of 917 million kWh. The project is expected to be completed by March 2024. Earlier this year, China Huadian announce the start of the Laizhou Tushan Phase I 600 MW PV project (see China PV News Snippets)

Shangji Automation announces H1/2022 performance: Releasing its 2022 semi-annual report, PV production equipment maker and mono-wafer company Shangji Automation said it  achieved an operating income of RMB 11.4 billion ($1.65 billion), up 219.35% year on year. The net profit attributable to shareholders was at RMB 1.5 billion ($0.22 billion), up 85.52% year on year. According to the report, the company's monocrystalline silicon production capacity reached 30 GW by the end of the reporting period, with a total shipment of about 15 GW in the first half of 2022. At the same time, the company's wafer business is progressing smoothly and currently has an annual production capacity of 20 GW. Earlier this month, Shangji had announced its plans to raise RMB 6 billion for a silicon production project (see China PV News Snippets)