Chinese PV Industry Brief: China may add 280 GW of new PV this year

China Securities has revised its annual guidance for China, predicting up to 280 GW of new PV installations this year, while glass manufacturer Kibing and wafer maker HySolar revealed new solar investment plans.

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China Securities has revised its forecast for China's PV installations in 2024, projecting 260 GW to 280 GW of new capacity this year. This would be a significant increase from the 217 GW installed in 2023, and surpassing China Securities' previous call for 230 GW. In March, the China Photovoltaic Industry Association (CPIA) predicted a range of 190 GW to 210 GW of new capacity in 2024.

Kibing, a PV glass manufacturer, has announced an investment in a new 1,200 ton/day high-transparency PV glass production line at the Kota Kinabalu Industrial Park in Sabah, Malaysia. The company's wholly owned Malaysian subsidiary will invest approximately CNY 1.45 billion ($200 million) in its third photovoltaic glass production facility at the site. In the first quarter of 2024, Kibing reported CNY 3.86 billion of revenue, up 23.2% year on year, with a CNY 442 million net profit attributable to shareholders.

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HySolar (Wuxi Shangji) has announced plans to invest in a 16 GW solar cell project in Baotou, Inner Mongolia. The project will be executed in two phases with a total investment of CNY 5.5 billion. The first 10 GW stage, with an investment of approximately CNY 3.6 billion, is scheduled to begin production by the end of 2025. The second 6 GW phase, requiring an investment of around CNY 1.9 billion, will depend on market conditions after the completion of the first part of the project.

Jolywood said it will terminate a planned polysilicon project in Gujiao, Shanxi province, originally aimed at establishing an annual production capacity of 200,000 tons of silicon metal and 100,000 tons of solar-grade polysilicon, with a total investment of CNY 14 billion. It said the decision follows a reassessment of the project's feasibility due to significant changes in the PV market environment. The company also said it recorded 28.01% year-on-year increase in revenue to CNY 12.3 billion and a 31.18% year-on-year jump in net profit to CNY 527 million for fiscal 2023.

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