CHN Energy has signed a deal to build 1GW of offshore floating solar power in China’s Shandong province, while JA Solar has announced plans to raise about 9 billion yuan ($1.3 billion) to support capacity expansion.
Guohua Energy Investment, a unit of CHN Energy, has signed an agreement with the Dongying government in Shandong province to build 1 GW of offshore floating solar power. The Guohua HG14 project, worth 8 billion yuan, will be installed in a water depth of 1-4 meters, 8 kilometers from the coast. Monocrystalline 550 Wp solar modules are used together with a 220 KV substation to connect to the local grid. The entire solar power plant is expected to produce 1,652 TWh of clean electricity per year in full operation, which corresponds to the electricity needs of approximately 550,000 households per year.
Eging PV has announced its earnings forecast for the first half of 2023. The company expects to achieve an operating profit of about 4.4 billion yuan, or about $611 million, up 27 percent year-on-year. The company’s net profit attributable to owners is expected to reach 280-320 million yuan, an increase of 1,086% compared to 1,255% in the first half of 2022. rapid growth in module sales due to increased market demand and improved profit margin benefiting from lower polysilicon prices.
JA Solar has announced a new private placement plan to raise about 9 billion yuan to meet capital requirements for three major capacity expansion projects. It injected about 2.7 billion yuan into its Valantee casting and wafer cutting projects with an annual capacity of 20 GW in Baotou, Inner Mongolia. It will also invest about 2.33 billion yuan in cell production and 5 GW of annual module production in Qujing, Yunnan Province. It will spend about 1.5 billion yuan on a solar cell project with an annual capacity of 10 GW in Yangzhou, Jiangsu province. It said the remaining 2.4 billion yuan will be used to support working capital.