- Reuters reports that prices of solar panels, which nearly halved over the last 12 months, will remain at current levels for up to two years.
- This is according to a Malaysian industry executive interviewed yesterday.
Manufacturers in Malaysia, the world’s third largest producer of solar PV panels, are slowing down expansion plans to adjust for lower demand and prices, Davis Chong, President of the Malaysian Photovoltaic Industry Association, told Reuters.
“The upstream supply is roughly double the downstream demand. It will take about one to two years to adjust and balance the supply and demand,” said Chong, who also serves as the Chief Executive Officer at Malaysia’s Solarvest.
He said lower prices presented an opportunity to boost installation of solar projects globally.
“It is a good time to expedite and deploy more solar projects. With more favourable and transparent policies, countries as well as industries can capitalise on this trend,” he said. Link to full article HERE
Solar panel prices hit a record low in December 2O23 and to date have remain at that level. Read more
Image credit: OPIS
In related news the Lingda Group in China has announced its decision to scrap its investment in the construction of Tongling’s 20 GW solar cell production base. Initially, Lingda had planned to invest approximately CNY 9.150 billion ($1.27 billion) in Tongling for the phased construction of a PV cell production project. The first phase aimed to establish a 10 GW TOPCon cell production line, followed by a second phase focusing on a 5 GW TOPCon cell line and a 5 GW HJT cell line.
Lingda cited adverse macroeconomic conditions, challenges in the PV industry, financing constraints, and other external factors as reasons for terminating the investment project.
Solar manufacturer CubicPV has revealed that it will scrap its plan to develop a 10 GW silicon wafer factory in the United States. The company will instead focus on producing tandem solar modules. CubicPV’s board of directors cited changing market dynamics, including “a dramatic collapse in wafer prices and a surge in construction costs,” as the reason for aborting the plan. Read more
Longi has revealed it might reduce its global workforce due to an “increasingly competitive environment” in the solar industry. “In order to adapt to market changes and improve organizational efficiency, Longi is optimizing its workforce,” said a company spokesperson. “The expected job reduction rate is about 5% of total employees, and the information circulating online about our company’s ‘30% layoff’ plan is false.”
The statement refers to an article published by Bloomberg on Monday, citing “people familiar with the matter” as a source. The outlet reported that Longi was planning to cut around one-third of its staff to reduce costs and regain competitiveness in an industry plagued by overcapacity. Read more
Read more on solar panel pricing insights HERE
Author: Bryan Groenendaal
