Chinese PV Industry Brief: Astronergy plans 2 GW offshore solar project

Astronergy has entered into an agreement with the Wenzhou City government in Zhejiang province to construct an offshore floating PV farm near Wenzhou in the sea. The company’s investment of CNY10 billion ($1.4 billion) will fuel the project. Commencing in 2024, the construction is strategically planned to unfold over three 2-year phases, with completion slated for 2030.

Tongwei, a manufacturer of polysilicon and panels, revealed intentions to expand its ingot, wafer, and cell capacity at its Leshan City facility in Sichuan province by a significant 16 GW. This expansion, valued at CNY10 billion, is aimed for full commissioning by the close of 2025.

Canadian Solar has reported solid financials for the second quarter, including $2.4 billion in revenue, an 18.6% gross margin, and a “record” quarterly net income of $170 million attributed to the parent company. This marked an increase from the previous year’s $74 million for the same period. The group’s CSI Solar shipped 8.2 GW of modules and successfully carried out an IPO on the Shanghai Stock Exchange, yielding about $975 million. The Recurrent Energy project business unit presented a substantial 25 GWp pipeline and a 52 GWh battery energy storage development pipeline. With plans to construct a 5 GW solar module manufacturing plant in the US, Canadian Solar’s existing module capacity stands at 37.7 GW (annualized), complemented by cell and ingot capacities of 20.4 GW and 26 GW, respectively.

Molin, headquartered in Hong Kong, disclosed a new agreement with the Kyrgyz Republic government. The agreement outlines the construction of solar power plants with a collective capacity of 1.5 GW, necessitating a total investment of $1.2 billion.