The Zhitong Finance App learned that TrendForce Jibang Consulting published an article stating that in October 2024, upstream and downstream prices in the PV industry chain were basically stable, but the mismatch between supply and demand still existed, and the profits of photovoltaic companies continued to be under pressure. Domestic production expansion cooled down markedly in October. The pace of Chinese photovoltaic companies going overseas accelerated. The number of projects started and put into operation increased compared to the previous month, and N-type and 0BB technology continued to be deployed. In October 2024, 6 photovoltaic projects were signed. Among them, the silicon component contract scale was 0.15 million tons, the battery contract scale was about 2 GW, and the module contract scale was about 5.5 GW. In addition, 8 PV projects were put into operation in October 2024, including 8 GW of silicon wafers, 1 GW of cells, and 13 GW of modules. Judging from the commissioning projects with announced technical routes, the N-type accounts for up to 90% of production capacity.

01 Contract/Proposed Project

It involves the three aspects of silicon, batteries, and components, and overseas factory construction continues to increase

In the silicon material sector, 1 project was signed in October. Lihao Qingneng went to Africa to build a polysilicon plant. On October 18, CNPC and Lihao Qingneng from Qinghai, China signed a memorandum of understanding. Lihao Qingneng will invest in an annual production of 0.18 million tons of metallurgical silicon and 150,000 tons of polysilicon in Angola, with an initial production capacity of 0.05 million tons.

In the battery sector, 2 projects were signed in October, and Shijing Solar went overseas to Mexico. On October 10, Xiehang Energy negotiated a 2GW perovskite/crystalline silicon laminated solar cell and a 5GW high-efficiency photovoltaic module manufacturing project in Dechang County; on October 28, Shijing Solar announced the Mexican photovoltaic cell project. The project is located in Hueyotingo, Puebla, and is expected to reach production in 2025. Setting up a factory in Mexico can not only enjoy local government policy incentives, high premium markets, and lower production costs, but also use Mexico as a springboard to further explore the North American market.

In terms of components, 3 projects were signed in October, and Trina Solar and SunDrive Solar jointly built a factory in Australia. On October 10, Shehang Energy negotiated a 2GW perovskite/crystalline silicon multilayer solar cell and a 5GW high-efficiency photovoltaic module manufacturing project; on October 16, Huaping Co., Ltd. signed a 500MW perovskite module project in Zibo, Shandong; in addition, SunDrive Solar and Trina Solar signed a memorandum of understanding to establish a commercial-scale solar module production facility in Sydney.

Figure: PV contract/proposed project in October 2024

02 Project commencement

Focusing on batteries and components, Bohai New Energy starts 20 GW

According to incomplete statistics from TrendForce Jibang Consulting, a total of 6 photovoltaic projects were started in October 2024. Among them, the scale of the cell phase reached 20 GW, the module phase was 10 GW+2,000 tons, and the battery module project started on a scale of 3 GW.

In the battery sector, only one company from Bohai New Energy started construction in October, and the scale was as high as 20GW. On October 8, Bohai New Energy's 20GW high-efficiency solar cell production project began. The project plans to build 16 production lines and is expected to be officially put into production in the first half of 2025.

In terms of components, 4 companies started construction in October: Seraphor, Yuhui Solar, Suzhou Jiedebao, and Weifang Xingtai New Energy. On October 8, construction of the Jiangsu Serafu (Langzhong) 2GW photovoltaic module and frame bracket production base project began. On the same day, Yuhui Solar held a groundbreaking ceremony for the 3GW photovoltaic module production base project in Anyang, Henan. Suzhou JieDebao started the 5GW high-power heterogeneous copper metallized photovoltaic module project in Zhengzhou, Henan; on October 24, Weifang Xingtai New Energy Changle photovoltaic module production and construction project with an annual output of 2,000 tons was officially started.

In the cell module sector, the largest perovskite solar cell production base in the southwest was built. On October 10, Zhongneng Optical Storage officially started construction of the Southwest base project for 3GW perovskite solar cells per year. The project is being built in two phases.

Figure: PV construction starts in October 2024

03 Project put into operation

The quantity and scale have increased compared to the previous month, and the N-type accounts for 90% of production capacity

In the silicon wafer section, on October 8, Sihe Solar's Inner Mongolia Xilin Gol League 8GW efficiency monocrystalline chip project was officially put into operation. The project was built in three phases, mainly producing 182 mm and 210 mm N-type high-efficiency monocrystalline silicon wafers.

In the battery sector, two companies, BOE and Huasheng, were put into operation in October, and mass production of HJT accelerated again. On October 18, the Hefei BOE perovskite pilot line produced the first batch of samples; on October 25, Huasheng Xuancheng Phase V heterojunction 1GW high-capacity battery project officially launched the first batch of cells.

In the component sector, 5 projects were put into operation in October, and N-type production capacity continued to increase. On October 3, Runyang's US 2GW photovoltaic module factory was put into operation; on October 10, the first 5GW high-efficiency module production ceremony was held at the Jingao Naoer base. On the same day, Mulei Jiasheng Energy's first 0BB-Topcon PV module was successfully launched; on October 28, the first module of the Hengdian East Cilianyungang Phase II 5GW solar high-efficiency module project was officially launched; on October 31, Hengxi PV's first 0BB+HJT high-efficiency module product was successfully launched at the Nantong base.

Figure: PV production project in October 2024

04Other project developments

In the silicon wafer section, on October 16, the energy saving report for Lufeng Longji's 23.7 GW slicing technology improvement project was approved. The production capacity of the project was increased from 11.7 GW to 23.7 GW after expansion.

In the battery section, on October 11, the public participated in the first public announcement of the environmental impact assessment of the 2.35GW heterojunction photovoltaic cell and 2GW module production line project of Xinjiang Silk Road New Energy Development Co., Ltd.; on October 15, Runyang Yunnan Qujing 13GW N-type high-efficiency solar cell base fully resumed production; on October 23, ST Lingda Jiayue Phase II 5GW TopCon battery project was temporarily suspended; on October 31, local time, Junda Co., Ltd. The “Land Lease Contract” was successfully signed with Sohar Free Trade Zone Co., Ltd., indicating that the company's production base project for an annual production of 5GW high-efficiency N-type batteries in Oman has met the conditions for official launch and is expected to be completed and put into operation in 2025.

In the module sector, on October 11, the Xinjiang Silk Road project with an annual output of 2.35 GW heterojunction photovoltaic cells and 2 GW module production line project was announced in the EIA; Tianhe Solar Spain's 1.5GW HJT photovoltaic module project received support from the European Union's fourth round of innovation funds.

Figure: Progress of other PV projects in October 2024

Overall, in October 2024, prices in the PV industry chain were still low, companies' enthusiasm for investment declined markedly, domestic contracts were drastically reduced, and overseas factory construction continued to increase. The commencement projects focus on cells and components. GW-grade perovskite projects have been built; the number and scale of commissioned projects have increased, N-type production capacity dominates, HJT mass production is further accelerated, and 0BB technology is being introduced at an accelerated pace.