Leascend PV to invest RMB 7 billion to set up HJT cell facility in Jiangsu Nantong; GCL Technology provides update on granular silicon business; Canadian Solar reports Q3 & 9M 2023 results; Inner Mongolia Energy Group starts construction on 2 solar PV projects.
Leascend Photovoltaic to set up 12 GW HJT solar cell facility in Jiangsu Nantong: Leascend Photovoltaic Techonology Co. Ltd. has announced that it will invest RMB 7 billion ($956.3 million) in the construction of a 12 GW heterojunction (HJT) solar cell facility in Jiangsu Nantong. The company facility will be built in 3 phases of 3 GW, 3 GW and 6 GW respectively. The Phase I, scheduled to complete construction in September 2024, will involve RMB 2 billion ($273.2 million) in investment. The company says that the construction of Phase II and Phase III will depend on the progress of Phase I. This 12 GW capacity will be in addition to the company’s already commissioned 8 GW HJT cell manufacturing capacity in Meishan.
GCL Technology’s update on granular silicon business: GCL Technology Holdings Limited has issued an update regarding its granular silicon business. The company says that the proportion of granular silicon used in production by companies like TCL Zhonghuan, LONGi, JA Solar has now surpassed the rod (ingot) shaped silicon. The company notes that it has expanded its granular silicon production capacity from 10,000 MT to 400,000 MT over a short period of 2.5 years, continuing that granular silicon shipments accounted for about 82% of total between January 2023 and September 2023. In September, the company reported that its Hohhot Base with 100,000-ton granular silicon production capacity had started operations (see China Solar PV News Snippets).
Canadian Solar reports Q3 & 9M 2023 results: Solar PV manufacturer Canadian Solar has announced that its Q3 2023 operating income decreased 4.32% YoY to RMB 13.014 billion ($1.78 billion). However, the company’s net profit for the period increased 14.57% YoY to RMB 917 million ($125.3 million). For the 1st nine months of 2023, its operating income increased 17.05% YoY to RMB 39.119 billion ($5.34 billion), while its net profit rose 126.02% to RMB 2.840 billion ($388 million). The company attributes the positive performance to increased module shipments and the decline in overall raw material price levels and manufacturing costs, among other things.
Inner Mongolia Energy Group starts construction on 2 solar projects: Inner Mongolia Energy Group has announced the groundbreaking on its 1 GW PV power generation project and the 1.6 GW solar storage + ecological management project in the northeastern part of the Ulan Buhe Desert. The company will invest a total of RMB 12.345 billion ($1.69 billion) in the 2 projects. The project is expected to be grid-connected by the end of 2024.
