Chinese PV Industry Brief: CHN Energy plans 1 GW offshore floating PV project

CHN Energy has signed a deal to build 1 GW of offshore floating PV in China’s Shandong province, while JA Solar has announced plans to raise around CNY 9 billion ($1.3 billion) to support capacity expansion.

Guohua Energy Investment, a unit of CHN Energy, has signed a deal with the government of Dongying, Shandong province, to build 1 GW of offshore floating PV. The CNY 8 billion Guohua HG14 project will be installed at a water depth of 1 meters to 4 meters, 8 kilometers off the coast. Monocrystalline 550 Wp PV modules will be used, along with a 220 KV substation to connect to the local grid. The entire PV plant is expected to generate 1.652 TWh of clean electricity per year when fully operational, meeting the electricity demand of about 550,000 households per year.

Eging PV has announced its performance forecast for the first half of 2023. The company expects to achieve operating income of about CNY 4.4 billion, around $611 million, in the period with a year-on-year increase of 27%. The net profit attributable to the owners of the company is expected to reach CNY 280 million to CNY 320 million, an increase of 1,086% to 1,255% compared to the first half of 2022. Eging said the main reason for the performance increase is due to rapid growth of module sales resulting from growing market demand and improvement of profit margin, which benefits from a drop in polysilicon prices.

JA Solar has announced a new private placement plan to raise around CNY 9 billion to meet its capital requirements for three major capacity expansion projects. It will inject around CNY 2.7 billion in its ingot casting and wafer cutting projects, with an annual capacity of 20 GW in Baotou, Inner Mongolia. It will also put around CNY 2.33 billion into cell production and 5 GW of annual module production in Qujing, Yunnan province. It will use around CNY 1.5 billion for a solar cell project with an annual capacity of 10 GW in Yangzhou, Jiangsu province. It said the remaining CNY 2.4 billion will be used to shore up its working capital.

This post appeared first on PV Magazine.

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