Canadian Solar's Q1 2024 module shipments reach 6.3 GW; Leadmicro's FY2023 net profit surges 400% YoY; Chint New Energy & PVH sign cooperation agreement; CNNC's 2 GW offshore PV project approved; JD Solar to build 3 GW solar module manufacturing plant.
Canadian Solar ships 6.3 GW of solar modules in Q1 2024: Solar PV and ESS manufacturer Canadian Solar has released its financial results for Q1 2024. The company reported that its revenues declined 21.5% year-over-year (YoY) to $1.342 billion (RMB 9.685 billion). Its net profit decreased 85.24% YoY to $12.35 million (RMB 89.13 million). The company shipped 6.3 GW of solar modules to more than 70 countries. As of March 31, its subsidiary Recurrent Energy had 26.3 GW of solar energy projects and 55.9 GWh of energy storage projects in its pipeline. Canadian Solar forecasts Q2 2024 revenue to be between $1.5 billion (RMB 10.825 billion) and USD 1.7 billion (RMB 12.268 billion. Module shipments are expected to be between 7.5 GW and 8.0 GW for Q2 2024. For the full year of 2024, Canadian Solar expects module shipments of 35 GW to 40 GW, and energy storage system (ESS) shipments of 6 GWh and 6.5 GWh.
Recently, Canadian Solar reported a 7.94% YoY increase in its revenues for FY2023 (see China Solar PV News Snippets).
Leadmicro's FY2023 net profits up 400%: Solar cell equipment manufacturer Leadmicro has released its 2023 annual report. The company reported revenues of RMB 1.679 billion ($232.64 million), up 145.39% YoY. Its net profit for the period was up 399.33% YoY to RMB 270.3919 million ($37.46 million). The company's new orders totaled RMB 6.469 billion ($896.35 million), up 2.96 times YoY. As of March 31, 2024, the company had RMB 8.191 billion ($1.134 billion) of orders on hand. Photovoltaic (PV) orders were RMB 7.026 billion ($973.53 million), RMB 1.115 billion ($154.49 million) for semiconductor, with others accounting for the remaining RMB 50 million ($6.93 million).
Specific to PV, 80% of the 2.92 times YoY increase in annual new orders were from the top 10 cell manufacturers and listed company customers. The company says orders for poly equipment have grown significantly.
In March, Leadmicro announced the signing of a RMB 520 million ($72.26 million) equipment sales contract (see China Solar PV News Snippets).
Chint New Energy & PVH sign cooperation agreement: Chint New Energy and PV Hardware (PVH), the product division of Gransolar Group, have signed a cooperation agreement. Through this agreement, the partners aim to establish a 'long-term, robust, and multi-dimensional relationship' to tap global market opportunities. PVH will provide solar trackers for Chint's solar projects, aimed at maximizing energy yield and project revenue over time. In return, Chint will support PVH with its high-quality solar panels, inverters, Battery Energy Storage Systems (BESS), and high voltage transformers for PVH's projects. Chint will also offer comprehensive Engineering, Procurement, and Construction (EPC) as well as Operation and Maintenance (O&M) services and expertise to PVH. The 2 companies seek to unlock new opportunities and expand their respective global market shares, including in the US and Europe.
Chint New Energy recently reported that its PV business revenue for FY2023 grew 38.11% YoY (see China Solar PV News Snippets).
CNNC's 2 GW offshore PV project approved: China National Nuclear Corporation (CNNC)'s Tianwan 2 GW tidal flat PV demonstration project has recently received approval from the State Council. The approved sea area covers 1,875.7761 hectares, with a total investment of about RMB 9 billion ($1.25 billion), making it the largest offshore PV project in the country. The project is located in the sea area of the Tianwan Nuclear Power Plant's already confirmed warm water discharge, and will be used for 3-dimensional composite utilization with the already confirmed warm water discharge sea area of the Tianwan Nuclear Power Plant. After completion, the project can provide an average of 2 billion kWh of clean energy per year, saving about 795,000 tons of standard coal per year, and reducing carbon dioxide emissions by 609,600 tons per year.
TaiyangNews published its 1st survey on Floating Solar on May 9, 2024 (see Floating PV 2024).
JD Solar to build 3 GW solar module manufacturing plant: Solar panel manufacturer JD Solar has launched construction on a 3 GW solar module manufacturing facility. Located in Lianyungang City, Jiangsu Province, the facility will be built for an investment of RMB 1.05 billion ($145.3 million). Divided into 2 phases, Phase I will involve RMB 700 million ($96.85 million) in investment to build a 2 GW automated production line for solar modules. With RMB 350 million ($48.43 million) in investment, Phase II will involve the construction of a 1 GW automated production line.
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