Tongwei will invest RMB 5 billion for a new 16 GW cell production project; Jinenu has started constructing 3 GW module fab in Qianshan; Lesso Solar breaks ground for cell/module manufacturing facility in Foshan City; Sunwell’s copper HJT project industrialized; GCL Integration expects significant annual growth in profit for H1/2023; Qn-SOLAR to expand today’s 69 GW solar cell production capacity.
Tongwei’s 16 GW cell project: Tongwei Solar has announced a manufacturing project for a high efficiency crystalline silicon cell project with 16 GW annual capacity, under a project investment agreement with Ganmei Industrial Park. The RMB 5 billion project will shell out cells worth RMB 12 billion annually. Construction is expected to begin in Q3/2023 in Meishan city of Sichuan province.
Jinenu’s 3 GW module fab: Jinenu Solar has started construction of its 3 GW high efficiency solar module manufacturing project at its Qianshan Base. The RMB 1.1 billion project is to be equipped with artificial intelligence enabled advanced production equipment.
Lesso’s new energy industrial base: Lesso Solar, operating under China Lesso, held a groundbreaking ceremony for its new energy industrial base in Foshan City’s Jiulong Industrial Park. Here it plans to develop 10 GW solar cell and 5 GW module production capacity to be realized in 2 phases. Phase 2 of this project will be completely operational in 2025, post which the total output will carry a value of over RMB 12 billion, the company stated.
Sunwell’s copper HJT project: The world’s ‘1st’ heterojunction (HJT) copper interconnect large test line was successfully accepted by the client, says Sunwell New Energy that claims to have independently developed and manufactured the same. The explanation behind being accepted, as it explains, is that the product was installed by Sunwell for the client in February 2022. A year down the line, the customer is satisfied with the line working stably as required. According to Sunwell, this means its 1st HJT low-cost copper process solution has made it from laboratory to industrialization stage.
GCL Integration’s financials: GCL Integration expects to report 89.35% to 109.72% annual increase in its operating income for H1/2023, anticipating between RMB 5.3 billion to RMB 5.87 billion. Net profit is also expected to fall within the range of RMB 100 million to RMB 120 million which will be a YoY growth of 160.57% to 219.89%, it announced. Management attributes the improvement in financials to several factors including winning procurement bids of state-owned enterprises and a successful sales strategy.
Qn-SOLAR’s cell production expansion plans: Qn-SOLAR says it is targeting to expand its total solar cell production capacity in China to 83 GW by 2024-end, up from 69 GW it operates now, with focus on TOPCon technology. The company that was previously an EPC company and entered PV manufacturing in 2021, already has 39 GW annual module production capacity. It is also exploring HJT, but right now with high costs TOPCon scores, the management added. Qn-SOLAR wants to raise finance via an initial public offering (IPO). While China remains its biggest market, Qn-SOLAR is also expanding its footprint internationally. At the recent Intersolar Europe 2023, the Chinese company presented its product portfolio and announced its intention to venture in upstream production of silicon and wafer, as well as downstream into inverters and energy storage segments. Qn-Solar is a new entry in the TaiyangNews commercial module efficiency listing (see TOP SOLAR MODULES – July 2023).
