JinkoSolar not raising funds for 28 GW project: In less than a year of announcing plans to build an integrated manufacturing base with 28 GW capacity of monocrystalline silicon pulling, slicing, and high efficiency cells and modules, leading Chinese solar PV manufacturer JinkoSolar has decided to drop the plan, as of now. It has secured approval from the company board to terminate the plan to raise funds for the integrated manufacturing base in Shaanxi province by issuing A shares to specific invesors. It was originally announced in August 2023. The project with 28 GW capacity was expected to cost RMB 14.81 billion ($2.04 billion). The management cited significant changes in industry conditions, supply and demand dynamics, and capital market environment as reasons for the decision, alongside the company's actual situation, future strategic planning, and project progress.
According to the management, "Considering market and industry conditions, along with the company's condition and future strategic plans, we terminated the proposed private offering before the 12-month validity period expires. Our Shanxi N-type super factory is constructing as planned, with funds secured through internal and external financing. Our cash flow remains healthy, and we expect to continue to optimize our debt structure gradually."
NEA provides segment break-up: According to the National Energy Administration (NEA) of China, the country’s H1 2024 new PV additions were led by utility scale solar with 49.60 GW. This segment accounted for 48% of the total PV capacity additions during the reporting period, followed by commercial & industrial (C&I) segment representing 36% or 37.03 GW, and residential segment remaining 16% with 15.85 GW to make up 102.48 GW (see China Exceeds 100 GW Solar Installations Mark In H1/2024). Jiangsu with its 10.75 GW was the province with the single largest capacity addition out of which 9.48 GW was distributed and 1.28 GW utility scale. Xinjiang followed next with 9.8 GW, mostly from utility scale projects, while Guangdong’s 7.53 GW comprises 4.04 GW from distributed PV and 3.49 GW from utility solar.
Abu Dhabi project for POWERCHINA: The Abu Dhabi branch of POWERCHINA and its subsidiary Huadong Engineering Middle East Co., Ltd. have formed a consortium to build the 1.5 GW Abu Dhabi PV3 project. The consortium signed the EPC contract with Ajban Photovoltaic Porject Holding to build the project for an estimated $755 million. Total construction period is estimated to last 28 months.
New ESS project in Fujian province: China Electric Construction Group has secured 10 MW/20 MWh of JinkoSolar’s liquid cooling energy storage system (ESS) Suntera for its 100 MW solar-fishery project in China. Located in Putian of Fujian province, the project will use JinkoSolar’s containerized modular outdoor liquid cooling LFP BESS solution. The manufacturer claims these to be compatible with 600V~1,500V systems and equipped with 5 levels of safety protection. According to JinkoSolar, its ESS solution features the industry's pack-level temperature difference of within 2 °Celsius. This increases its charging-discharging efficiency up to 94% at the system level and prolonging lifecycle by 10%, achieving 20 years of safe and reliable operation.
Arctech maintains lead in market: Wood Mackenzie’s latest Global Solar PV Tracker Market Share Report 2024 places Arctech in top 5 suppliers in this space. Its global market share in 2023 reached 9%, earning it the 5th spot in the word, becoming the only Chinese company in the top 5 (see Global Solar PV Tracker Shipments In 2023 Totaled 92 GW DC).
1.5 GW project in Songzi: Changyuan Electric Power has announced a cooperation agreement with Songzi City in Hubei Provicne for a renewable energy project with at least 1.5 GW capacity, including 650 MW of wind power. It will be built for an estimated RMB 7 billion ($965 million) to operate for 25 years once connected to the grid.
Note: The story has been updated with JinkoSolar's comments.
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