The GCL System chief executive made comments that fly in the face of an expected solar gold rush in China that analysts predict will start this month. Though rising overseas demand will address overcapacity fears, according to Luo, the soundbite is sure to chill PV boardrooms across the world’s biggest solar market.
The debt-saddled developer has announced it is now almost 63% owned by Chinese state entities and is seeking to refinance its debt pile with new long-term arrangements, take on fresh debt and issue more shares.
The polysilicon maker has turned a quick $160 million profit from the sale of its stake in a fund it paid $189 million to establish just five months ago. The heavily indebted manufacturer needs to raise funds to pay for its production capacity expenditure.
The heavily indebted developer has cashed in two eight-project portfolios for an immediate $28 million windfall but accepted the sales recognize heavy losses as it continues to try and pay down debt.
While the rest of China’s solar manufacturers take on ever more debt to expand their production lines as fast as possible, Comtec said it is ready to sell off fabs for the right money and will instead focus on project sales and lithium battery and EV business opportunities.
The Ningbo-based manufacturer shipped more than a quarter of the panels it exported in the first six months of the year to the eastern European nation. All the big manufacturers posted rising shipment volumes as emerging markets made up for slow growth in their homeland.
German energy agency Dena has found China’s smelter fleet could shift 432.5 GWh of daily demand to more amenable hours to tally with renewables generation. To make it happen though, the regulator needs to lay down rules for providing incentives.
Having stated an intent to hit 65 GW of annual mono wafer production capacity by the end of 2021, the Chinese solar manufacturing giant has now said that landmark will be achieved next year.
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