Chinese PV Industry Brief: PV glass supply deals, bonds to finance solar incentives

Two PV glass makers kicked off the week with new deals and solid earnings reports, while the Chinese government revealed that it might issue bonds to provide funds for clean energy incentives.

China South Glass Holdings said on Monday that it has signed a series of solar glass supply deals with several units of Chinese monocrystalline module manufacturer Longi Solar for CNY5.7 billion (US$816.5 million). Separately, Longi revealed another jump in wafer prices last week.

Xinyi Solar posted a net profit of HK$1.11 billion (US$143 million) in the first half, up from HK$1.01 billion in the first six months of 2019. Separately, group unit Xinyi Energy announced the resignation this week of Lee Yin Lee, the group’s chairman and controlling shareholder. He will be replaced by his 43-year-old son, Lee Shing Put, who is also the nephew of vice chairman and controlling shareholder Tan Sri Datuk Tung.

China’s Ministry of Finance and several state-owned enterprises are now discussing the possibility of financing renewables incentives by issuing bonds to raise money, according to Bloomberg. The country had accumulated a CNY260 billion backlog of unpaid incentive payments by the end of 2019, and will exceed CNY300 billion by the end of this year, according to the China Renewable Energy Society. The Chinese government is reportedly considering the issuance of special treasury bonds or corporate bonds issued by state-owned companies.

GCL System Integration Technology, the biggest company in the GCL Group, said on Monday that its plan to raise funds through private share offerings has been approved by the China Securities Regulatory Commission (CSRC). The Shenzhen-listed company plans to raise up to CNY4.2 billion for its semiconductor and solar PV module businesses. It said it will invest CNY1.8 billion of the proceeds in PV module manufacturing.

Emirates Water and Electricity Co. (EWEC) said last week that it has chosen developers for the world’s largest solar power project. A consortium led by Abu Dhabi National Energy Co. (TAQA) and Masdar, with partners EDF and Jinko Power, will build the 2 GW Al Dhafra Solar PV Independent Power Producer (IPP) project near Abu Dhabi. Jinko Power has already signed a 30-year power purchase agreement with EWEC for the project.

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