Rystad forecasts 150 GW of new solar in 2023

Rystad Energy believes China could be on track for another record year in 2023, with expectations for more than 150 GW of new PV capacity. The Norwegian consultancy says the country could also potentially install 165 GW in 2024 and 170 GW in 2025.

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From pv magazine Global | via the Chinese PV Industry Brief

Rystad Energy says China may have another record year for new PV installations in 2023, driven by the addition of 150 MW of PV capacity. The company cites data from China’s National Energy Administration as showing CNY 134.9 billion ($28.7 billion) of investment in domestic PV construction in the first half of 2023 – the highest among all power generation sources. The Norwegian market research company also predicts 165 GW of potential installations in 2024 and 170 GW in 2025. It expects China’s installed solar PV capacity to double over the next three years, from 500 GW in 2023 to 1,000 GW by the end of 2026. Yicong Zhu, senior renewables analyst at Rystad, attributes this anticipated growth to a “significant boost in large-scale projects” under a national program that was launched in June 2021. “Although most distributed PV systems are installed on rooftops, not all of them are used for residential purposes,” says Zhu. “Around two-thirds of the distributed PV capacity in China is utilised by the commercial and industrial sectors and these projects can vary from tens to more than 100 MW.”

GCL says that one of its subsidiaries, Henan GCL Energy Technology, has signed an investment agreement with the municipal government of Luohe, Henan province. The CNY 6 billion ($1.28 billion) deal involves the construction of a lithium factory with a capacity of 100,000 tonnes.

Canadian Solar Inc. says will have 50.4 GW of ingot casting capacity and 60 GW of wafer cutting capacity by the end of 2024. It also expects to expand solar cell production to 70 GW and PV module production to 80 GW.

Mingyang Group has signed a CNY 10 billion investment agreement with the municipal authorities in Maanshan, Henan province. The wind power specialist says it plans to build a 10 GW heterojunction (HJT) solar cell and module factory in the city. In May 2021, Mingyang invested in 5 GW of HJT cell production capacity in Yancheng, Jiangsu province. It also set up a separate 2 GW HJT cell capacity factory in Shaoguan, Guangdong province.

Three Gorges Group has announced the results of its 2023 PV module framework centralised procurement exercise, with winning bids from JA Solar, Das Solar, Tongwei, Trina Solar, and JinkoSolar. JA Solar secured a contract to supply up to 3 GW of P-type 182 mm modules, with power outputs of 545Wp or higher. Tongwei has been chosen to supply 500 MW of P-type 210 mm panels, with power outputs of 660 Wp or higher. JinkoSolar a deal to supply N-type TOPCon panels, with 182 mm wafers or higher.

Xinyi Solar Holdings says it plans to issue ordinary and new shares, representing up to 10.00% of company shares, pending shareholder approval, as it shifts from the ChiNext Market to the main board of the Shenzhen Stock Exchange. The company plans to allocate about 30% the funds for the fifth phase of investment in a solar glass production line in Melaka, Malaysia. It will use 25% for solar glass production in China’s Yunnan province, and 15% to set up a solar glass production line in Jiangsu province. The remainder will be used as general working capital.

Authors: Vincent Shaw & Valerie Thompson

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