Chinese PV Industry Brief: Strong profit growth for Sungrow, new wafer prices from Longi

Chinese inverter manufacturer Sungrow has published provisional financial figures for fiscal year 2020. Net profit is estimated to RMB1.85-2.05 billion (US$308 million). That result would represent a 130% increase from 2019. Sungrow said the positive performance was due to increased orders during the Covid-19 crises and an improvement of its product portfolios.

Module maker Risen will likely ship around 15 GW of solar products this year, according to company president Xie Jian, who was speaking during an investor conference this week in which he also provided an update on the manufacturer’s current and projected production capacity. “If everything go[es] smoothly with those projects under construction, Risen will obtain around 20 GW of solar cell capacity and 28 GW of solar PV module capacity by end of 2021,” Jian said.

Monocrystalline module producer Longi has held its wafer prices for February. The price for p-type M6 products, with a size of 166/223mm and thickness of 175um, is RMB3.25 (US$0.50) per piece and the price for p-type G1 (158.75/223mm and 175um) is RMB3.15 per piece. P-type M10 products, with a size of 182/247mm, and thickness of 175um will cost RMB3.90.

Solar manufacturer Solargiga on Thursday raised a net HK$52 million (US$6.71 million) by issuing 180 million shares at HK$0.29 (US$0.04) per share. The 5.42% of stock in the enlarged company acquired by Sze Tan Hung – the wife of glass industry investor Tan Sri Datuk Tung Ching Sai – raises her holding in Solargiga to 6.61%.

Energy company China Power yesterday revealed it sold 44% more photovoltaic electricity last year than in 2019, with the volume having risen from 3.3 TWh to 4.77 TWh. The power company sold 54.8 TWh of coal-fired power in 2020 and 187 GWh of natural gas-fired electricity.

NYSE-listed solar project developer Renesola yesterday announced a US$25 million share offering of 10 million American depository shares at US$25 per ADS. The fundraising exercise is set to close tomorrow.