Chinese PV Industry Brief: Longi cuts wafer prices for first time in 18 months


Module maker Longi today reduced the prices of all its wafers via an update on the company website. ‘G1' products, measuring 158.75mm, now cost RMB5.12 (US$0.80) per piece, down 7.4%, and 166mm M6 wafers are 7.2% cheaper, at RMB5.32 (US$0.83). The price of M10, 182mm wafers has fallen 9.8% to RMB6.20 per piece (US$0.97). Longi last reduced its wafers prices in May last year. Having reduced the thickness of its wafers from 175 to 170µm in February, the manufacturer has now pared them back again, to 165µm.

With heavily indebted developer Shunfeng set to have to pay backer Rainbow Fort Investments HK$175 million (US$22.4 million) by close of play today, the company has again delayed the release of details of the shareholder vote needed to approve the sale of seven solar projects with a total 283 MW of generation capacity, to raise RMB953 million (US$149 million). The company had originally promised the information by late October and that was then extended to today, with the company missing a deadline to settle RMB255 million (US$39.9 million) owed to investors in a 2016 corporate bond in the intervening period. Shunfeng yesterday promised to release details of the vote by December 31, which is the deadline for paying China Minsheng Banking Corp HK$300 million (US$38.5 million).

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State-owned glassmaker Luoyang Glass wants to sell off three information display business units to focus its efforts on solar panel glass production. Independent shareholders in the business will vote on whether to sell the Longhai Glass, Longmen Glass and Bengbu CNBM Information Display subsidiaries for RMB536 million (US$83.9 million), to the Triumph Group business which is Luoyang’s controlling shareholder and which is owned by the China National Building Materials Group which owns both buyer and seller in the proposed deal. Luoyang said on Friday, the Longmen business has been idled since January 2 last year and owes its parent RMB540 million. With the proposed purchase price marking a RMB126 million (US$19.7 million) gain for the seller, the valuation of the Longmen business would reduce the total purchase price of the three units by RMB441 million (US$69 million). Details of the EGM needed to hold the vote were promised by December 23. Luoyang on Friday also revealed plans to invest RMB1.18 billion (US$185 million) in a PV cell packaging materials production facility comprising a furnace and solar substrate production line and five associated deep processing lines, with a total daily production capacity of 1,200 tons. As the production project, planned at Yaohua Hi-Tech Industrial Park in the Eastern district of the Qinhuangdao economic development zone would cost more than half Luoyang’s net assets, a vote will be required on the plans. The company said the project would have a 16-month construction period and would then need RMB30 million (US$4.7 million) of initial working capital.

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