China's Solar Firms Set to Lower Annual Growth Targets as Profits Crumble [Financial Post (Toronto, Ontario, Canada)]
DAQO New Energy Corp. American Depositary Shares, each representing five ordinary shares (DQ)
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Source: Financial Post
Author of the article: (Bloomberg) — 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. Article content Article content China installed 217 gigawatts of capacity last year, more than all the solar panels in the US, after initial predictions that the figure could be as low as 95 gigawatts. That would still have been a record, but twice during the year the association was forced to raise its forecasts to keep pace with the flood of new additions, whic
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