Tongwei Meishan Phase IV produces 1st cell; Jinko’s 1st line of 56 GW mega-base online; Gaoce’s net profit up >85% YoY; FGG’s 2023 revenue up 39.21% YoY; Astronergy ships 856 MW modules to CTG; Xinte FY2023 revenue down >16% YoY; construction starts on 4 GW Kubuqi desert project.
Tongwei’s Meishan Phase IV rolls out 1st cell: Tongwei Solar has announced that its Meishan Phase IV solar cell manufacturing fab has rolled out the 1st cell off the line. The company has invested a total of RMB 5.5 billion ($763.9 million) in the facility located in Meishan City, Sichuan Province. It consists of 32 TOPCon solar cell production lines for a total capacity of 16 GW annually. Earlier this month, Tongwei reported that the TOPCon cell technology upgrade at Phase II of its Jintang base was successfully completed (see China Solar PV News Snippets). It also reported earlier this month that its Meishan base’s Phase II TOPCon technology upgrade had rolled the 1st cell off the line.
1st production line of JinkoSolar’s 56 GW mega-base online: JinkoSolar’s 1st production line of its 56 GW vertical integration mega-base is now operational. Being built for a total investment of about RMB 56 billion ($7.78 billion), the base aims to produce 56 GW for monocrystalline silicon ingots + slicing + high-efficiency solar cells + modules annually. The now-operational production line is part of Phase I, out of 4 phases of 14 GW each. Having started construction in September 2023, Phases I to III are expected to be operational in 2024 with Phase IV scheduled to be online in 2025.
JinkoSolar recently announced that it has signed a deal with Gulf Energy to deliver 3.5 GW of its Tiger Neo n-type modules (see China Solar PV News Snippets).
Gaoce Technology’s FY2023 net profit up over 85% YoY: PV wire cutting equipment manufacturer Gaoce Technology has reported revenue of RMB 6.184 billion ($859 million) for FY2023, up 73.19% YoY. Its net profit for the period was up 85.28% YoY to RMB 1.461 billion ($203 million). The top 3 business segments by revenue were: PV cutting equipment, with revenues of RMB 2.877 billion ($399.6 million), up 95.16% YoY; silicon wafer cutting processing services, up 84.99% with revenues of RMB 1.719 billion ($238.8 million); photovoltaic cutting consumables, with revenues of RMB 1.162 billion ($161.4 million), up 38.36% YoY.
FGG’s FY2023 revenue up 39.21% YoY: PV glass manufacturer Flat Glass Group (FGG) has reported RMB 21.524 billion ($2.99 billion) in revenue for FY2023, a YoY increase of 39.21%. Its net profit was up 30% YoY to RMB 2.76 billion ($383.3 million). The company’s PV glass sales reached 1.22 billion sq. m., up 49.52% YoY. As of December 31, 2023, FGG’s total capacity was 20,600 tons/day. Additionally, the company plans to invest in the construction of a PV glass furnace in Indonesia to meet the demand in different countries and regions.
Astronergy ships 856 MW ASTRO N modules to CTG power station: Astronergy has announced that it has shipped the ASTRO N5 PV modules to China Three Gorges (CTG). These modules were procured by CTG for the Hami and Jimusar PV power projects in 2023. As the first winning bidder, Astronergy will supply a total of 856 MW of ASTRO N5 photovoltaic modules for CTG’s 2 GW PV power stations. The company says that it has secured the highest share of bids for PV modules from CTG.
Xinte Energy reports 16.51% YoY decline in revenues for FY2023: Polysilicon manufacturer Xinte Energy Co. Ltd. has reported revenues of RMB 30.751 billion ($4.254 billion) for FY2023, a decrease of 16.51% over FY2022. The company’s gross profit for the period was RMB 6.104 billion ($844.5 million), a 63.70% decline YoY. Its net profit attributable to shareholders totaled RMB 4.345 billion ($601.2 million), which declined 67.37% YoY.
The company reported that its polysilicon production capacity of 191,300 tons increased 52.01% over the same period last year, while its polysilicon sales increased 90.16% YoY to 202,900 tons during FY2023. In contrast, its revenues from the polysilicon segment decreased 23.95% from the same period last year, to RMB 19.518 billion ($2.7 billion). Similarly, its revenues from the wind and PV power plant construction business declined 18.47% over FY2022 to RMB 6.268 billion ($867.2 million). Xinte Energy attributed the decline in revenues and profits to the fall in polysilicon prices and intensified competition, despite improving production and sales during the period.
Construction starts on 4 GW Kubuqi desert wind + PV power project: The 4 GW Kubuqi desert power project, consisting of wind and solar PV in Jungar Banner, Inner Mongolia, has commenced construction. The project is being built with an investment of RMB 21.13 billion ($2.92 billion) over a 98,000-acre area. The total capacity of 4 GW is made up of 1.2 GW of wind power and 2.8 GW of solar capacity. The construction of the plant is expected to be complete by the end of 2024. Once operational, the plant will supply electricity to Beijing and Tianjin.
