{"id":87886,"date":"2024-11-11T00:00:00","date_gmt":"2024-11-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/11\/11\/longi-pushes-ahead-despite-oversupply-woes\/"},"modified":"2024-11-11T00:00:00","modified_gmt":"2024-11-11T00:00:00","slug":"longi-pushes-ahead-despite-oversupply-woes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/11\/11\/longi-pushes-ahead-despite-oversupply-woes\/","title":{"rendered":"Longi pushes ahead despite oversupply woes"},"content":{"rendered":"

Longi powers through solar oversaturation with new factory:<\/strong> China\u2019s privately owned solar PV manufacturer Longi Green Energy Technology signed an agreement with Yingfa Group to build a 16 GW solar cell plant in Yibin, Sichuan, despite experiencing losses for four consecutive quarters, Bloomberg<\/a> reported on Thursday, citing a government statement<\/a>. The amount invested has not been disclosed. <\/p>\n

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About the plant: <\/strong>The Yibin solar plant will manufacture back contact (BC) cells<\/a> which can yield more power from the same amount of sunlight. Phase one of the project is set for 2025 inauguration with a 6 GW annual capacity. BC cells are not common yet, but Longi expects the technology will gain popularity over the next five years. <\/p>\n

The company is optimistic despite the numbers: <\/strong>Longi was overtaken as the world\u2019s most valuable solar energy company by China\u2019s Sungrow in March<\/a> as price drops narrowed the margins for panel component manufacturers. Earlier this year, the company saw a sharp decline in value, dropping more than 70% from its peak in 2021 due to rapid industry expansion outpacing demand.<\/p>\n

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China\u2019s Trina Solar to sell its US facilities to US-based Freyr: <\/strong>Freyr Battery<\/a> entered an agreement to acquire Chinese giant solar panel maker Trina Solar\u2019s manufacturing assets in the US, including its newly operational 5 GW facility in Wilmer, Texas, according to a press release<\/a> from Wednesday. The transaction, valued at USD 340 mn, is expected to close by the end of 2024, pending regulatory approvals. Freyr is expected to ramp up operations in Wilmer to reach full production by 2025, backed by firm US customer contracts.<\/p>\n

Increased US scrutiny into Chinese companies prompted the sale: <\/strong>Trina Solar agreed to the sale following increased US concerns over Chinese companies benefiting from clean energy tax incentives under President Joe Biden's climate policy, Bloomberg<\/a> reported. Trina will retain a minority stake in Freyr post-sale.<\/p>\n

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