China’s Solar Firms Set to Lower Annual Growth Targets as Profits Crumble
- Installations in 2023 blew past estimates to hit 217 gigawatts
- Panel makers are increasingly looking overseas for relief
Panel prices have dropped steeply, lowering the cost to developers, manufacturers are getting squeezed by overcapacity.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s solar industry is likely to set lower expansion targets in 2024, as financial stresses and grid constraints make it challenging to match last year’s explosive growth.
The China Photovoltaic Industry Association gathers in Beijing for its annual conference on Wednesday, with firms being forced to balance dwindling profits against the government’s relentless push for ever more clean energy. Although panel prices have dropped steeply, lowering the cost to developers, manufacturers are getting squeezed by overcapacity. Consolidation, including bankruptcies, are on the cards.