Chinese PV Industry Brief: Geely opens polysilicon plant

Automaker Geely has commissioned a new polysilicon factory in northern China, while ET Solar has opened a new 5 GW wafer factory in Vietnam. Poly giant GCL Technology, meanwhile, has confirmed that its board might issue common stock for a Chinese listing.

May 24, 2022 Vincent Shaw and Max Hall

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Geely Automotive has announced that its first polysilicon manufacturing facility has begun production in Gucheng, Hebei province. The factory currently has an annual capacity of 2,000 metric tons (MT) and is expected to reach 52,000 MT by the end of this year.

ET Solar has signed an agreement to build a 5 GW wafer plant with the government of Thai Binh province, Vietnam. This is the second investment of the module manufacturer in the Southeast Asian country, where it already produces both cells and modules. The panel manufacturer said it will invest around $600 million in the new factory.

Xinte, a TBEA-owned solar developer, has revealed that an unnamed person in charge of a 200 MW agrivoltaic project under construction in Hebei province has been detained by the authorities. The project in Xingtang county, near the city of Shijiazhuang, has been suspended pending an ongoing investigation by the authorities into “the suspected crime of sabotage of production and/or other business operations.” Xinte said a unit of its TBEA Xinjiang Sunoasis subsidiary encountered problems during land clearance for the solar farm, including “inadequate mass work, irregularities in contract signing procedure, [and a] lack of supervision, and illegal construction.” The company indicated that 14 villagers had not signed over land for the construction of the power plant. It warned that the project might not reach its planned scale due to a reduction in the amount of available land, but said it would “seriously review and learn deep lessons from” the incident.

GCL Technology has confirmed that its board is considering issuing common stock for a listing on a Chinese stock market. The polysilicon maker's solar project business, GCL New Energy, has secured a three-year contract extension for its $500,000 annual deal to provide asset management and administrative services to fellow GCL Tech unit GCL Solar Energy. Under the terms of the deal, GCL New Energy will manage New Energy’s solar farms in the United States and South Africa.

Irico New Energy has signed a deal to supply CNY 2.02 billion ($303 million) of its glass products to panel maker GCL System Integration, under a deal that will run to April 2024. The news came after the solar panel glassmaker said it would pay CNY 7.95 million for furnace auxiliary fans and CNY 6.44 million for property services to two other subsidiaries of its state-owned parent company, China Electronics Co.

Beijing Energy International has awarded a CNY 535 million engineering, procurement and construction services contract to the Shanxi Electric Power Design Institute to build a 100 MW solar plant in Lingshi county, Shanxi province. Beijing Energy International said it hopes construction will be completed before December. The state-owned PV developer also said it will raise CNY 85 million by leasing solar plants to the Beijing Jingneng Leasing business, which is controlled by its majority shareholder, Beijing Energy Holding. Beijing Energy will pay fees of CNY 102 million over a period of six years to lease back the sites.

IDG Energy Investment Chairman Wang Jingbo has been replaced as CEO by Liu Erzhuang. Wang remains an executive director of the energy investor, which has entered the solar cell manufacturing business. Renewables developer Beijing Enterprises Clean Energy also reported changes after it completed the issuance of 77% of its stock to public body China Shandong Hi-Speed, which has become its main shareholder. Beijing Enterprises raised HKD 4.69 billion ($598 million) from the exercise, with Chairman Zhang Tiefu being replaced by Wang Xiaodong. Chief Executive Yang Guang also stepped down and has yet to be replaced.

Kong Sun Holding has joined the list of solar developers selling off assets to state-owned entities. Shareholders at the annual general meeting on June 24 will vote on whether to raise CNY 529 million by selling off solar projects, which would leave Kong Sun with 390 MW of generation capacity, down from 509 MW at the end of April. The move would also reduce its liabilities by CNY 819 million, by transferring the projects to Zhongyuan Xinhua Water Resources and Hydropower Investment.

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