Daily News Wrap-Up: Germany Adds 3.7 GW Solar Capacity in Q1 2024

JinkoSolar sees a 44% decline in first-quarter profit


Germany installed 3.7 GW of solar power capacity in the first quarter (Q1) of 2024, a 19% year-over-year (YoY) growth from 3.2 GW. The data was published in a recent report by the German Federal Network Agency Bundesnetzagentur. The installations for January were 1.47 GW, February (1.14 GW), and March (1.1 GW). Germany targets to install 215 GW of solar capacity by 2030, with 22 GW of capacity additions every year. To reach the 215 GW target, the monthly installation needs to be 1,587 MW, as noted by Bundesnetzagentur at the end of Q1 2024.

China-headquartered solar cell and module manufacturer JinkoSolar saw a 44% decline in its first-quarter profit as decreasing module prices hurt the company’s margins. Adjusted net income, excluding certain non-cash expenses, fell from RMB 836.4 million ($115.8 million) last year to RMB 470.3 million ($65.1 million) in 2024. The company’s gross margin fell to 11.9% in Q1 from 17.3% in the same period last year.

Vietnam-based solar company Boviet Solar said it will invest $249 million for its first solar cell and module production facility in North America at Greenville, North Carolina. The manufacturing complex will be built in two phases. Phase one will utilize an existing building to produce solar modules, while phase two involves constructing a 500,000 to 600,000-square-foot factory to manufacture photovoltaic cells. At full capacity, the site is expected to manufacture 2 GW of solar panels and 2 GW of PV cells annually.

Germany’s Federal Network Agency (Bundesnetzagentur) has invited bids for 258 MW of rooftop solar photovoltaic systems as part of the country’s goal to procure 900 MW of new solar capacity through three rounds in 2024 under the Renewable Energy Act (EEG 2023). Germany expects to tender 1,100 MW annually from 2025-2029. Last year, 650 MW was procured through tenders.

Energy storage infrastructure needs to expand by at least six times the current capacity if the world wants to triple renewables capacity by 2030 while maintaining electricity security, a new report from the International Energy Agency (IEA) said, adding that falling costs of batteries have accelerated energy storage deployment globally. The IEA’s first comprehensive analysis of the battery ecosystem found that deployment of batteries soared in 2023, especially in the power sector, where capacity more than doubled. Most of this growth came from utility-scale systems, while behind-the-meter battery storage accounted for 35% of annual growth in 2023.


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