China Solar PV News Snippets

LONGi to build 12.5 GW BC cell plant; DAS Solar earns ‘A’ for bankability; EGing PV forecasts up to RMB 600M loss; TBEA expects up to 70.58% profit drop; TZE forecasts up to RMB 3.2B loss; BAJ Solar to report up to RMB 160M loss; Grand Sunergy expects up to RMB 128.7M loss; Cybrid forecasts up to RMB 20M loss.

LONGi to build 12.5 GW high-efficiency BC cell project: Vertically integrated module manufacturer LONGi has announced its plans to build a high-efficiency BC (Back Contact) cell manufacturing plant. To be located in Jinghe New City, Xixian New District, Shaanxi Province, the first phase of the facility is expected to have 12.5 GW of annual production capacity. The company will invest RMB 320.6 million ($44.15 million) in this facility which is expected to start production by the end of 2024 and be fully operational in June 2025.

The BC cell to be manufactured at this facility will be based on LONGi’s recently launched n-type Tairay silicon wafers, based on its HPBC 2.0 technology. This second-generation high-efficiency cell uses technologies like composite passivation to achieve a claimed efficiency of 26.6% while delivering up to 660 W of power.

Recently, a large-scale solar plant in Guamo, Tolima, Colombia, with more than 40,000 BC series high-efficiency modules from LONGi, achieved better results than expected (see China Solar PV News Snippets).

DAS Solar earns an ‘A’ for bankability: Solar PV cell and module manufacturer DAS Solar has announced that it has received an ‘A’ ranking in PV ModuleTech’s Q2 2024 PV Bankability Ratings Quarterly report, reflecting its strong financial performance, technological innovation, and product reliability. The report analyzes a company’s manufacturing capabilities, financial stability, investment and financing risk management, product reliability, delivery systems, and reputation. According to the report, DAS Solar excels in n-type TOPCon 4.0 technology, delivering high conversion efficiency, low degradation rate, and an excellent temperature coefficient. The company’s TOPCon 4.0 Plus cells have a mass production efficiency of 26.6%. At the 2024 SNEC exhibition, DAS Solar’s Diamond series BC modules were highly recognized. DAS Solar collaborates with the University of New South Wales on advanced photovoltaic technologies.

Last month, DAS Solar announced its production bases in Quzhou, Taizhou, Zhangzhou and Bengbu have passed TÜV SÜD’s ISO 14064 carbon verification (see China Solar PV News Snippets).

EGing PV expects up to RMB 600M net loss for H1 2024: PV developer EGing PV has announced its financial forecast for the first half of 2024, expecting a net loss of RMB 400 million to RMB 600 million ($55.02 million to $82.53 million), compared to a profit of RMB 285 million ($39.18 million) in the same period last year. The company attributes the expected loss to a decline in performance relative to the previous year, primarily due to adverse macroeconomic conditions and intense market competition within the photovoltaic industry, leading to a continuous drop in product prices across the photovoltaic supply chain.

TBEA expects up to 70.58% decrease in H1 2024 net profit: Solar PV inverter company TBEA has announced that it expects its net profits for H1 2024 to drop 67.69% to 70.58% from the same period last year. The company expects to report net profits of RMB 3.05 billion to RMB 3.35 million ($419.4 million to $460.5 million) for the current period. While the company observed steady growth in its transmission and transformation products, power generation, and gold business, it says significant drops in polysilicon and coal sales prices led to a decline in net profits during H1 2024.

TZE forecasts net loss of up to RMB 3.2B for H1 2024: Leading solar wafer supplier TCL Zhonghuan (TZE) expects a net loss of RMB 2.9 billion to RMB 3.2 billion ($398.90 million to $440.06 million) for the first half of 2024. This is in contrast to a profit of RMB 453.65 million ($62.36 million) the company reported in the same period last year. The company cites the fall in prices for silicon materials, wafers, and cells as the main reason for the loss. The company, however, still expects to maintain positive operational net cash flow while managing through these challenges.

BAJ Solar to report up to RMB 160M loss in H1 2024: N-type solar manufacturer BAJ Solar has forecast a net loss of RMB 120 million to RMB 160 million ($16.49 million to $21.99 million) for the first half of 2024. For the same period of last year, the company reported a profit of RMB 10.52 million ($1.45 million). It attributes the loss to intense competition in the PV market and a continuous drop in cell prices.

Grand Sunergy to report up to RMB 128.7M net loss for H1 2024: HJT solar cell and module manufacturer Grand Sunergy has projected a net loss of RMB 64.35 million to RMB 128.7 million ($8.84 million to $17.69 million) for the first half of 2024. This is against a profit of RMB 5.37 million ($0.74 million) for the same period last year. The company cites intense competition, a precipitous drop in module prices, and reduced profit margins for this loss. The company’s late entry into the photovoltaic business, insufficient order volume during the period, and low capacity utilization contributed to a decline in gross margin, it says further. The company says further that it is currently expanding, with high fixed costs not yet matched by corresponding revenue, leading to increased asset impairment losses and rising period expenses.

Cybrid forecasts up to RMB 20M net loss for H1 2024: Polymer material developer Cybrid expects a net loss of RMB 15 million to RMB 20 million ($2.06 million to $2.75 million) for the first half of 2024. This compares to a profit of RMB 50.36 million ($6.93 million) the company reported for the same period last year. The company cites oversupply, increased competition, and weak demand as the reasons for the net loss.