China Green Energy

August 2, 2023

1. Sineng Electric has announced plans to raise RMB 2.55 bln ($360 mln) to shore up its working capital and support the construction of a 25 GW inverter factory in Wuxi, Jiangsu province. The planned facility, which will make 15 GW of rooftop inverters and 10 GW of string inverters for large-scale projects, will be finished within three years. In addition, Sineng Electric will allocate some of the funds to expand its storage and inverter capacity at its existing factory in Wuxi.

2. Huasun has commissioned 3 GW of bifacial heterojunction cell production lines at its factory in Xuancheng, Anhui province. The facility will produce 210 mm cells with an efficiency of 25.58%.

3. Golden Solar Xuzhou has signed a leasing agreement with Xuzhou Jinsheng for premises valued at RMB 67 million. The facility will serve as a production base for the company's 20 GW large-sized heterojunction silicon wafer project, which was first announced in October 2021.

4. As of the end of June, China's installed capacity of renewable energy reached 1.322 billion kW, historically surpassing coal power and accounting for about 48.8% of China's total installed capacity, according to data released by China's National Energy Administration on July 31.

5. The total installed capacity of power generation in the country has reached 2.71 bln kW, up 10.8% YoY. Among them, the installed capacity of hydropower is 418 mln kW, the installed capacity of wind power is 389 mln kW, the installed capacity of photovoltaic power generation is 470 mln kW, and the installed capacity of biomass power generation is 43 mln kW.

6. In 2023 H1, the cumulative electricity consumption of the whole society was 4.3 trillion kWh, up 5% YoY. The national renewable energy power generation capacity is 1.34 trillion kWh, of which wind power and photovoltaic power generation is 729.1 bln kWh, up 23.5% YoY.

7. Chinese automaker Geely said today that it sold 138,135 vehicles in July, up 13% from a year earlier. EV sales in the period rose 27% to 28,145 units. From January to July 2023, Geely’s sales reached 832,180 units, a gain of 13% from the same period last year.

8. Porsche China today refuted online rumors claiming Chinese EV makers such as BYD, Li Auto, and Nio refused to cooperate with the German automaker. A Twitter user familiar with Nio spread the rumor on July 31 after Volkswagen teamed up with Xpeng, according to Yicai. 

9. China's Yahua Industrial Group announced yesterday that its subsidiary Ya'an Lithium will renew the lithium hydroxide supply deal with Tesla Asia from Aug. 31 to the end of 2030. The total supply volume during the over seven-year period will be 207,000 tons to 301,000 tons.

10. Fortune Magazine released the 2023 Fortune Global 500 on Tuesday. Saudi Aramco, which grew its revenues by 51%, claims the No.2 spot (up from No. 6 last year). As for Chinese companies, State Grid ranks No.3, and China National Petroleum Corporation ranks No.5.