Xinyi

Xinyi Solar has proposed a dividend for the second year running as it announced shareholders would bank net profits of $630 million despite rising materials and shipping costs last year.

German company Glasmanufaktur Brandenburg and the European Commission claimed victory in the latest stage of a case which hinges on whether Chinese business Xinyi PV operates as a free-market manufacturer. The suit has been running since May 2014 and no immediate conclusion appears to be in sight.

Rollercoaster stocks, unpredictable interest rates and continuing Covid chaos on global exchanges have apparently convinced the developer to invest in what it deems is a safer bet.

Solar glassmaker Xinyi reported Beijing’s plans as it outlined bumper first-half returns whilst warning investors the boost in glass prices seen last year is likely to be short-lived.

The Chinese solar glass maker, which claimed a positive legal judgement in the European General Court in 2019, is now likely to have that victory set aside by the European Court of Justice, with an advocate-general saying the company benefited from an income tax regime which may have unfairly distorted its operations.

First-half profits will be up at solar panel glassmaker Xinyi Solar despite the fact the price of the module raw material has been on a downward trend in the current three-month window.

The board of Xinyi Solar has announced it expects to have to install energy storage at its Chinese solar projects from July onwards, as a result of the recently launched five-year plan.

An ‘explosive’, ‘booming’ global solar market in the second half of a Covid-hit 2020 saw the previous glass manufacturing overcapacity reversed, as float and auto glass producers bent all their efforts on making material for PV modules.

Lithium-ion battery products will be sold by the group’s storage and autoglass business to its solar glass operation–for use in solar project development–and its float glass manufacturing unit.

Xinyi has accelerated plans to add more furnaces this year and predicts the rebound in solar demand being driven, in part, by the desire of nations for a green recovery from Covid-19 will continue to keep supply tight.