Chinese PV Industry Brief: Thinner wafers, rising profits and new solar ambitions for Yunnan Province

Chinese inverter manufacturer Goodwe announced on Friday that it expects to achieve revenue of RMB 1.59 billion ($245 million) for fiscal year 2020, which would represent a 68.07% increase from a year earlier. Net profit is forecast to rise by 145.91% year-on-year to reach RMB 2.56 billion (around $39 million). Goodwe said the turnover growth is attributable to the fast-growing inverter market both in and outside of China. Furthermore, Goodwe signed a 100 MW distribution agreement with South Korean conglomerate GS Global. The deal will see Goodwe’s 100-225 kW HT series products included in the catalogue of the Korean firm, which split from global brand LG in 2005.

The decision by the board of Chinese glass and display device manufacturer Irico New Energy to switch its focus last year to glassmaking, as margins in the new materials and components business shrank, appears set to pay dividends, with Irico on Wednesday touting an expected 127-145% rise in annual profits to between RMB 212 and RMB 228 million ($32.8-$35.3 million). The New Energy business’ main shareholder is Chinese electronics company Irico Group, which is held by state-owned China Electronics Corp.

China-based wafer manufacturer Zhonghuan Semiconductor announced on Wednesday that, in response to the continuous price hike of polysilicon, it intends to produce thinner wafers with thicknesses of 170 μm, 165 μm and 160 μm. Zhonghuan said its Industry 4.0 factory is already capable for production of these thinner wafers so as to release cost pressures of downstream cell and module customers.

The government of the Chinese province of Yunnan has drafted an ambitious five-year plan that envisages the deployment of another 15 GW of renewable energy capacity by 2025. Around 11 GW of this capacity is expected to come from 31 large scale projects, while the remaining portion should be developed in the form of innovative projects combining wind, solar, hydropower and storage. By the end of the five-year period, renewables should account for around 86% of the region’s installed power generation capacity.