Chinese PV Industry Brief: JinkoSolar breaks ground on 56 GW solar factory

JinkoSolar has started building a 56 GW vertically integrated module factory in Shanxi province. The project, situated in the Shanxi Comprehensive Reform Demonstration Zone, involves a total planned investment of CNY 56 billion ($7.8 billion), divided into four phases. Each phase will include 14 GW for the integration of ingots, wafers, solar cells, and modules. All phases are projected to be completed within a two-year construction period. The first-phase and second-stage projects are on track to start production in the first quarter and second quarter of 2024, while the third phase and fourth phase are scheduled for completion and production in 2025.

Hainan Drinda New Energy Technology (Drinda) said it will invest an unspecified sum in a solar cell factory that Hoang Thinh Dat is building in Vietnam. The plant, with a design capacity of 14 GW of solar cells, is located in the Southeast Economic Zone of Nghe An province, on 50 hectares across two phases. The initial phase, set for completion in the fourth quarter of 2024, will cover 30 hectares with a total investment exceeding $450 million.

Flat Glass has reported its annual results for the year ending Dec. 31, 2023, with CNY 21.52 billion, of operating revenue, up 39.21% from the preceding year. It said its net profit for 2023 was CNY 2.75 billion, up 30% year on year.

Irico Group New Energy has reported CNY 3.14 billion of annual revenue for the year to Dec. 31, 2023, up from CNY 2.47 billion in 2022. Despite higher glass product sales, the company has reported a net loss of CNY 230.96 million for 2023, down from CNY 89.23 million in the preceding year. Irico Group New Energy said it expects an upward trend in glass prices to improve sales results in the year ahead, with additional growth anticipated when its Jiangxi photovoltaic project commences production.

Solargiga Energy Holdings has announced its annual results for the year to Dec. 31, 2023. Its sales hit CNY 7.19 billion, compared to CNY 6.86 billion in the preceding year. Its profit attributable to parent shareholders was CNY 111.9 million, down from a profit of CNY 957.2 million in 2022. The company said it had 9.8 GW of module capacity at the end of 2023.