Power Construction Corp. of China (PowerChina) has canceled its 51 GW solar module framework procurement round for 2025 because changes in Chinese renewable energy policies have affected its purchasing requirements. In an April 9 statement, the company said bidders could contact the tendering agency to retrieve their bid guarantees. The move halts what would have been the largest-ever solar module tender, entirely for n-type modules. The procurement process, which began in November 2024, attracted 58 bids, with average quotes of CNY 0.68/W for TOPCon modules and CNY 0.773/W for HJT modules. The state-owned engineering giant’s inverter procurement round – launched in November and of similar scale – was completed in February without a cancellation notice, raising questions about the future of other components of the initiative.
Deye reported a strong set of preliminary results for the 2024 fiscal year, with net profit rising 64.8% to CNY 2.95 billion and revenue climbing 49.7% to CNY 11.2 billion. Earnings per share were CNY 4.75. The inverter and energy storage equipment manufacturer attributed its growth to robust demand for storage products, particularly in emerging markets, where limited grid infrastructure has spurred demand. In Europe, rising electricity prices have also driven adoption of storage solutions. Deye noted strong momentum in the integrated sales of storage inverters and battery packs, as well as significant improvement in its household appliance division.
Sineng Electric said the Shenzhen Stock Exchange has accepted its application to issue new shares to specific investors. The company plans to raise up to CNY 1.65 billion, according to its 2023 fundraising prospectus. The net proceeds will fund three strategic initiatives: a 25 GW string inverter production line, a 15 GW energy storage inverter facility, and a boost to working capital. This move is part of Sineng Electric's plans to expand its manufacturing capacity in response to growing global demand for integrated solar and storage solutions.
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