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China prepares to watch solar energy surge

By Liu Yukun | | Updated: 2023-07-20 16:06
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Rows of photovoltaic panels installed over the hills provide unique scenery in Nianzhang township of Xiaxian county in Yuncheng city, Shanxi province. [Photo by Zhang Xiufeng/For]

China is set to witness a substantial surge in photovoltaic installations this year with the projected new installed capacity being raised from 95-120 gigawatts to 120-140GW, according to the China Photovoltaic Industry Association on Thursday.

Experts said the revision reflects the industry's bullish outlook throughout the year, as it strives to maintain its dominant position on the global stage.

This comes after the industry had seen robust growth in the first half of the year. According to data from the National Energy Administration, total installed capacity of solar power grew 39.8 percent year-on-year to 470.67 million kilowatts for the period.

Several leading photovoltaic companies are anticipating a doubling of their net profits in the first half.

PV facility company Eging PV Technology Co Ltd, in particular, leads the pack with its net profit projecting to soar 1,086 to 1,255 percent to 280 to 320 million yuan ($38.97-$44.54 million).

Major Chinese PV player Jinko Solar Co also revealed its half-year performance forecast, estimating a 304.38 to 348.58 percent year-on-year surge in net profits, which is expected to reach between 3.66 and 4.06 billion yuan.

Jiang Yali, a solar analyst at energy research provider BloombergNEF, said that China holds a dominant position in the global photovoltaic supply chain, accounting for more than 75 percent of its total output. She said China benefits from a comprehensive life cycle supply chain in PV facility manufacturing, and technological advancement has led to significant cost reductions, solidifying the country's leading role in the global PV supply chain.

Wang Bohua, the honorary chairman of CPIA, said that several uncertainties, including the integration of solar power into the grid, electricity marketization and infrastructure construction, might pose challenges and make market predictions more complex.

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