Chinese PV Industry Brief: China adds 102.48 GW of solar in H1

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The NEA said that China installed 102.48 GW of new solar capacity in the first half of 2024. By the end of June, the country's total solar capacity reached approximately 710 GW, up 51.6% year on year. Total power generation capacity hit roughly 3.07 TW, up 14.1% from last year. Total installed wind power capacity also expanded to around 470 GW, marking a 19.9% increase. The nation added 216.88 GW of new PV capacity in 2023, up 148.12% increase from 2022.

Xinyi Solar said that it will invest in four new solar industrial ultra-clear glass production lines in Ordos, Inner Mongolia, each with a daily melting capacity of 1,500 tons. The company currently operates PV glass production bases in Wuhu, Beihai, Zhangjiagang, and Tianjin, as well as one in Melaka, Malaysia. By the end of 2023, Xinyi Solar’s daily melting capacity for photovoltaic glass had reached 25,800 tons.

Daqo New Energy said that its board has approved a $100 million share repurchase program, effective through June 30, 2025. The company said it will not be obligated to buy any specific number of ordinary shares or American depositary receipts at any particular time. It noted that the terms and size of the buyback program will be reviewed periodically.

Sinopec said that it plans to build about 10,000 new solar power stations across its oil and gas fields, petrochemical industrial parks, and gas stations, with completion expected by the end of 2027. The company has already retrofitted or constructed 4,283 gas stations with solar power and aims to add 2,700 more by the end of 2025. By the end of 2023, Sinopec's installed distributed solar and small-scale wind power capacity had reached 1,932 MW.

Kstar said that it has decided to terminate its private placement plan and will withdraw the related application documents from the Shenzhen Stock Exchange (SSE). The plan, initially announced in June 2023, aimed to raise CNY 2.373 billion ($326.2 million) to expand production capacity of solar inverters, energy storage converters, PV storage systems, and battery packs, in addition to shoring up its working capital. Kstar adjusted the plan twice in April and June 2024, but ultimately decided to end it after thorough consideration of the market environment and discussions with relevant parties.

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