Chinese PV Industry Brief: Arctech to build 3 GW factory in Saudi Arabia

Arctech Solar has initiated a new collaboration with the Saudi Authority for Industrial Cities and Technology Zones (MODON) to establish a manufacturing facility in Jeddah, Saudi Arabia.

The factory will span approximately 97,000 square meters and will have a production capacity of 3 GW, with the potential to expand up to 10 GW through localized production.

Its primary focus will be on producing PV-supporting tracker products for local customers.

In the first quarter of 2024, JinkoSolar reported total shipments of 21,907 MW, which includes 19,993 MW of PV modules and 1,914 MW of wafers and solar cells.

The company also announced a 29.09% year-on-year decrease in net profit attributable to shareholders, amounting to CNY 1.176 billion ($162.4 million).

This decline was attributed to low prices and increased competition. For the second quarter, JinkoSolar anticipates module shipments to be within the range of 24 GW to 26 GW.

Trina Solar has inked a supply agreement with PetroGreen Energy Corp. (PGEC), a renewable energy developer in the Philippines.

The agreement entails the supply of 117 MW of high-performance PV module products from Trina Solar’s Vertex series N-type TOPCon modules to PGEC’s subsidiary, Rizal Green Energy Corp. (RGEC), for various projects.

In the first quarter of 2024, Daqo New Energy generated $415.3 million in revenue and reported a profit of $15.5 million for its shareholders.

The company achieved a polysilicon sales volume of 53,987 metric tons (MT) and a total production volume of 62,278 MT, marking an increase from the fourth quarter of 2023 when production volume was at 61,014 MT.

Meanwhile, Golden Solar New Energy Technology experienced a 7.7% revenue growth to CNY 295.35 million ($40.79 million) in 2023.

This increase was driven by the sales of its cast mono wafer products, heterojunction (HJT) solar products, and heterojunction back contact (HBC) offerings, as well as its original equipment manufacturer (OEM) business.

The company’s OEM business saw a growth of approximately 11.7% to CNY 209.37 million, while revenue from PV products increased by 12.9% to CNY 79.75 million, mainly due to sales to European customers.

However, Golden Solar New Energy Technology recorded a net loss of CNY 326.4 million for the year.

Source Arctech Solar

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