Chinese PV Industry Brief: Three Gorges Energy secures $10.89 billion for 2024

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Three Gorges has announced plans to secure approximately CNY 79.1 billion ($10.89 billion) of external financing for 2024. This includes around CNY 14 billion of equity financing and approximately CNY 65.1 billion of debt financing. The funds will primarily support investments in onshore wind power, solar farms, offshore wind power, energy base construction, industrial chain investments, research and development expenditures, and technological upgrades. At the end of 2023, Three Gorges Energy's total installed capacity in renewable energy exceeded 40 GW, with total assets surpassing CNY 310 billion. In the first quarter of 2024, the company achieved an operating income of CNY 7.9 billion, representing a year-on-year increase of 15.3%.

Autowell said it expects its operating income to range between CNY 3,998.73 million and CNY 4,450.81 million in the first half of 2024. This reflects a year-on-year increase of 58.84% to 76.80%. Net profit attributable to shareholders of the company is expected to range between CNY 692.49 million and CNY 772.42 million, marking growth of 32.53% to 47.82% compared to the same period last year.

China Guodian Power Investment has started building a 1.5 GW photovoltaic desertification-control project in Alar, Xinjiang region. The project requires a CNY 6.1 billion investment and spans 28 square kilometers. It aims to complete construction and grid connection within the year, generating 2.6 TWh of green electricity per year. Once operational, it will substitute 735,000 tons of standard coal annually and reduce sulfur dioxide emissions by 202 tons, carbon dioxide emissions by 2.01 million tons, and nitrogen oxides by 325 tons.

Jinko Power said it has signed a cooperation framework agreement with Xinhua Hydro Power in Hunan province. The agreement outlines plans to collaborate on residential distributed PV projects totaling no less than 6 GW from 2024 to 2026. This includes 1 GW in 2024, 2 GW in 2025, and 3 GW in 2026.

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