Chinese PV Industry Brief: Jinko’s new capacity and a 200 MW solar park

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Chinese PV manufacturer Jinko Solar commissioned the first phase of its new production base in Yiwu city, Zhejiang province on Saturday. The two-stage, RMB11 billion (US$1.55 billion), 600,000m² facility, which Jinko signed off with the local government in September, will eventually boast a 16 GW annual production capacity.

Shanghai-listed module manufacturer Eging PV has said it will resume a 200 MW solar plant in Qitai county in Xinjiang Uygur Autonomous Region. The engineering, procurement and construction contract for the plant was awarded to the Jiangxi Electric Power Construction Co Ltd unit of the state-owned Power Construction Corporation of China. The project was signed off in 2015 but suspended due to issues arising from local government approval. Eging said on Saturday it has now secured permission from the Development and Reform Commission of Xinjiang and construction of the RMB795 million (US$112 million) project is set to start on July 1, with completion expected this year.

The National Energy Administration has confirmed the country can add no more than 48.45 GW of grid-connected solar this year. The authority said that grid capacity had been made available by China’s three largest electricity network operators – the State Grid, the China Southern Power Grid and the Inner Mongolia Power Corporation. The State Grid can host a maximum of 39.05 GW of solar this year with the southern grid and Inner Mongolia Power Corp earmarking 7.4 GW and 2 GW, respectively.

Inverter maker Sungrow has signed up for The Climate Group’s RE100 commitment to reduce or eliminate carbon dioxide emissions in its manufacturing activity and operations and to source 100% renewable electricity no later than 2028.

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Solar manufacturer Solargiga today confirmed it has completed the repurchase of company stock it was obliged to buy back from investors in Taiwan after the company’s net assets dipped below a third of its issued share capital in October. That balance sheet event triggered a failure to meet the requirements of the Taiwan exchange. Some 3.65% of Solargiga stock was listed in Taiwan and the company was obliged to offer investors a 90% premium on the value of the shares at that point. The development has cost Hong Kong-listed Solargiga NT$51.2 million (US$1.71 million).

Shenzhen-listed solar tracker company Akcome Technology has announced main shareholder Jiangsu Akcome Industry Group has filed for insolvency at a local court. The proceedings were due to liabilities arising from external guarantees, according to Akcome Tech. The tracker company said the controlling shareholder has a 15% stake in its business and warned the insolvency could affect its ownership. The proceedings, however, have had no impact on its business operations, according to the tracker maker.