Chinese PV Industry Brief: Another massive polysilicon deal, heterojunction module factory begins production

Polysilicon manufacturer Xinte Energy has signed a deal to supply 181,000 tons of poly to module manufacturer JA Solar from next April until December 2026, with prices to be agreed on a monthly basis. According to the latest poly prices published by Taiwanese market research company PVInfoLink, the deal would be worth RMB24.8 billion (US$3.83 billion), Xinte said on Wednesday. Xinte yesterday reported first-quarter revenue of RMB2.92 billion for profits of RMB242 million.

Chinese solar wafer producer Zhonghuan Semiconductor announced a plan to raise funds through a private offering for the construction of its planned 50 GW ingot factory in Ningxia Province. The factory will be located in the city of Yinchuan and will produce wafers with a size of 210mm. The company has invested RMB12 billion ($1.88 billion) in the new production. The facility is expected to begin manufacturing activities by the end of 2022. At the end of last year, the wafer manufacturer had a total capacity of 55 GW.

Anhui-based heterojunction module manufacturer Huasun announced this week that cells produced at its factory in Xuancheng City have achieved a maximum efficiency of 24.39% and an average efficiency of 23.8%. Construction on the 500 MW facility was started in November and concluded in mid-March. Most of the production equipment was provided by China-based suppliers, such as Maxwell and Zonchow. The company is aiming to achieve an efficiency of 24.3% in the near future.

Inverter and storage manufacturer Sungrow released its annual financial results on Wednesday. The company shipped 35 GW of inverters last year and achieved revenue of RMB19.3 billion, around USD$3 billion, with a YoY growth of 48.3%. The net profit increased sharply by 119% to RMB1.95 billion, around USD$300 million. Meanwhile, Sungrow experienced significant growth in almost every major business sector including sales of PV inverter products, which increased by 106%, and sales of storage systems, which grew by 115%. The company recorded slow growth in PV plant development (3.6%) and PV plant power generation (11%). The overseas business increased by 102% over 2019 and now represents 25% of its total revenue. Business from the Chinese domestic market increased by 30% and accounts for 75% of total business.