Solargiga

Solargiga Energy Holdings has posted a net loss of CNY 222.4 million ($33.08 million) for 2018, a sharp reversal from the CNY 107.5 million net profit it recorded in the preceding 12-month period.

In the first three quarters of 2018, the Chinese solar manufacturer shipped approximately 1.75 GW of PV products – 3.5% more than it did in the same period of 2017. Revenue from the manufacturing business, however, fell by 12.6%, while total revenue drop was 11.1%.

The Chinese solar equipment manufacturer says it has successfully ramped up its PV module line to a total annual output of 2.2 GW, and upgraded 150 MW of existing capacity to produce monocrystalline n-type IBC cell BS modules.

Chinese solar manufacturer reports a similar scale of first-half losses to the $15m profit it posted this time last year. Will the company’s decision to almost double module production capacity prove an inspired move or a mistimed disaster?

Solargiga Energy Holdings Limited has issued a profit warning, stating it expects to record a loss of around US$15.2 million for the period ending June 30, 2018.

In the first quarter of this year, the Chinese solar manufacturer registered a 34% drop in revenue, while quarterly shipments also declined around 19% year-on-year, to 462 MW.

Jinzhou Yangguang Energy (Jinzhou Yangguang), a subsidiary of China’s Solargiga Energy Holdings, has agreed to buy a 17.8% stake in Jinzhou Yangguang Motech Renewable Energy (Jinzhou Motech) from Motech Suzhou Renewable Energy for CNY 9.96 million (US$1.58 million), in a cash transaction.

A unit of Solargiga Energy Holdings has revealed plans to invest CNY 160 million ($25.2 million) in 1 GW per year of PV module production capacity.

Solargiga is ramping up its production capacity for monocrystalline silicon ingot and monocrystalline silicon wafers at a new factory in Quijing, China. Expansion undertaken alongside subsidiary Jinzhou Yangguang Energy.

The Chinese PV manufacturer ended the first quarter of 2017 on an upbeat note.