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Chinese PV Industry Brief: Another 21 GW of module capacity and record PV growth for SPIC

PV module manufacturer Longi announced on Monday it had signed an agreement with the government of Xi’an City, Shaanxi province, where the company is headquartered, to build a manufacturing facility with a capacity of 15 GW for both modules and cells. The company will invest around RMB18 billion (US$2.73 billion) in the new factory, which is expected to be completed in two phases by March 2023. More details on the module technology that will be produced at the factory were not provided.

Solar panel maker Risen stated on Monday it will build a new factory in Jintan county, Jiangsu province. The new manufacturing facility will have a capacity of 4 GW for solar cells and 6 GW for solar modules. The total investment is expected to reach around RMB5.28 billion.

Polysilicon manufacturer GCL-Poly on Friday continued its fundraising efforts as the deadline for settling US$500 million of senior notes approaches at the end of the month. There was no opposition from shareholders to the proposed sale of 217 MW of Chinese solar project capacity to state-owned Xuzhou State Investment and Environmental Protection Energy, to raise RMB985 million (US$152 million) and remove RMB951 million of liabilities from GCL’s books. The company will book a RMB27.4 million (US$4.23 million) loss on the sale, based on the projected value of the solar plants. GCL company will have to settle US$500 million of senior notes by January 30 and the terms of a proposal for investors to suspend payment for three years are set to expire in a week’s time.

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Panel producer Solargiga on Friday reported significant rises in revenue and shipment volume figures for last year, compared with 2019. The unaudited figures showed revenue rose more than 37% from RMB4.4 billion (US$678 million) in 2019 to RMB6.04 billion. Shipments rose almost 65%, from 4.13 GW to 6.81 GW, according to the company.

China’s largest energy company, the State Power Investment Corporation (SPIC), deployed 22.6 GW of renewable energy power generation capacity in 2020. Of this installed power, around 10.28 GW was for solar installations and approximately 11.58 GW for wind farms. At the end of last year, SPIC reached a cumulative clean energy capacity of 98.88 GW, of which 60.49 GW is solar, which makes the company the largest PV asset owner in the world. Its total power generation capacity has now reached 176 GW, of which 56.09% is from clean energy.

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Source: pv magazine