SPIC draws record low bid in 3 GW panel procurement exercise

The Chinese state-owned power group recorded a record low bid of about $0.25/watt for monocrystalline solar panels in a new tender that kicked off in Beijing this week to procure 3.04 GW of solar panels.

China State Power Investment Corp. (SPIC) started accepting bids from PV module manufacturers this week as it kicked off a new 3.04 GW solar procurement exercise. It has already recorded a record-low bid of CNY 1.777 ($0.25)/watt for monocrystalline panels, along with a price of CNY 1.63/watt for multicrystalline panels.

As part of its 58th centralized purchasing program, SPIC is soliciting bids to supply it with both monocrystalline and multicrystalline solar panels. Eighteen manufacturers have submitted bids to supply mono products, while 15 companies bid for multicrystalline supply contracts.

The average price seen in this round was below the market price of around CNY 1.8/watt to CNY 2.0/watt. The low average price could be related to the recent decline in cell prices, which have fallen by as much as 20% over the past 10 weeks.

Mainstream mono PERC cell prices have already fallen to CNY 0.90/watt. However, it remains to be seen whether prices will start to rise again with an expected PV installation rush in China from the third quarter to the end of the year.

For mono, SPIC aims to buy 1.27 GW, along with an additional 950 MW for reserve capacity. For multi, SPIC plans to buy 510 MW of PV modules, in addition to 310 MW of reserve supply. The Beijing-based group signaled plans to launch the latest tender several weeks ago.

The procurement exercise covers a range of PV products, including mono PERC (passivated emitter rear contact) and bifacial mono PERC panels. SPIC is looking to procure two categories of mono products – above 315 W and above 370 W. It is also seeking to buy multi products above 280 W and above 330 W.

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