Update on Hongrun Construction Phase II 10 GW PV cell facility; Tongwei Solar releases Q3 & 9M 2023 results; Risen Energy net profit up for Q3 & 9M 2023; construction starts on China's largest Shagehuang PV power plant; NEA notice on standardizing renewable energy licensing.
Update on Hongrun Construction Phase II 10 GW PV cell facility: National high-tech enterprise Hongrun Construction Group has announced via WeChat that it has signed a cooperation agreement with the People's Government of Xuanzhou District for the 10 GW high-efficiency photovoltaic (PV) cell facility in Xuanzhou. The signing follows the company's March 2023 announcement about its intent to construct a 10 GW cell + 10 GW module facility in the region (see China Solar PV News Snippets). The 1st phase of the project was launched in April 2023 and put into production in August, simultaneously laying the foundation for the 2nd phase. The Hongrun Construction Phase II facility is being built with a total investment of about RMB 4.5 billion ($615 million), and is expected to generate RMB 20 billion ($2.73 billion) in annual revenues once complete.
Tongwei Solar releases Q3 & 9M 2023 results: Integrated solar manufacturer Tongwei Solar has reported that its Q3 2023 operating income decreased 10.52% year-over-year (YoY) to RMB 37.352 billion ($5.1 billion). Its net profit decreased 68.11% YoY to RMB 3.031 billion ($414.3 million). For the 1st 3 quarters of 2023, the company reported that its operating income increased 9.15% YoY to RMB 111.421 billion ($15.23 billion) for the first 3 quarters of 2023, while its net profit decreased 24.98% YoY to RMB 16.302 billion ($2.23 billion). The company has blamed the decline in its Q3 operating performance to the YoY decline in prices throughout the PV industry value chain.
Risen Energy 9M 2023 net profit up over 71%: Solar panel manufacturer Risen Energy has reported that its operating income for the 1st 3 quarters of 2023 increased 33.27% YoY to RMB 28.017 billion ($3.83 billion). For the same period, the company's net profit rose 71.18% YoY to RMB 1.279 billion ($174.82 million). For Q3 2023, Risen's operating income increased 23.84% YoY to RMB 10.410 billion ($1.42 billion), while its net profit increased 72.29% YoY to RMB 418 million ($57.13 million). The company attributes the positive performance to increased PV product sales and sales revenues during the period.
Construction starts on 2 GW Shagehuang PV power plant project: China Energy Investment Group has announced that the construction on the 2nd phase of China's largest "Shagehuang" wind and solar base has officially started. Part of the National Energy Group Ningxia Tengger Desert Wind and Solar Base, the 2 GW project is located on the southeastern edge of the Tengger Desert and spans an area of about 60,000 acres. The project will support the construction of 2 booster stations and 1 energy storage power station.
NEA proposes further standardization of renewable energy project licensing: China's National Energy Administration has issued a notice where it proposes to further standardize the management of licensing for renewable energy power generation projects. The notice proposes that PV power generation projects are registered in the power business license based on the AC side capacity (the sum of the rated output power of the inverter, in MW), and those that are put into production in batches be registered in batches. Recently, NEA announced that China installed 128.94 GW of new solar PV capacity in 9M/2023 (see China's Total Solar PV Capacity Around 520 GW).
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