LONGi Solar posts $191.2 million profit in H1

The Chinese company — which manufactures passivated emitter rear contact (PERC) solar cells — reported revenue of CNY 6.276 billion in the January-June period. Its R&D investment unit accounted for 7.1% of total revenue, at CNY 444 million. it described first-half demand for monocrystalline PV modules as “robust.”

In the first six months of the year, the company — a subsidiary of Xi'an LONGI Silicon Materials — moved forward with the expansion of its production assets in China. It is now fine-tuning equipment at its 5 GW monocrystalline silicon ingot project and 1 GW monocrystalline silicon ingot production site, both located in the country’s Ningxia region. In addition, it has ramped up construction of its 5 GW monocrystalline silicon ingot project in Baoshan, Yunnan province, as well as a 500 MW module plant in Xi’an, Shaanxi province.

The company expects to reach full production at its production facility in Kuching, Malaysia, by the end of the fourth quarter. That will bring total output at the site to 300 MW of monocrystalline silicon ingots, 1 GW of monocrystalline silicon wafers, 500 MW of monocrystalline PV cells and 500 MW of monocrystalline PV modules.

In February, Xi'an LONGI Silicon Materials completed its acquisition of Lerri Solar and rebranded the company as LONGI Solar. The company is now spearheading the group’s push into the monocrystalline PV cell and module market. Around the time of the rebranding, Bloomberg New Energy Finance (BNEF) named LONGI Solar a Tier One solar module supplier.

The company's new module business supported strong growth for the company in 2016, with revenues soaring 94% year on year and its net profit spiking by 197% to CNY 1.547 billion. In April, it unveiled its new Hi-MO2 mono PERC bifacial solar panels at the SNEC show in Shanghai. And in July, it finalized an order for Swiss equipment supplier Meyer Burger’s new MAiA EVO system. LONGi Solar is scheduled to receive the equipment — which combines processes for rear-side passivation and front anti-reflective coating in PV cell production — before the end of this year.