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World's biggest solar panel maker JinkoSolar sees slowdown in China sales

Beijing

JINKOSOLAR Holding Co, the world's biggest solar panel maker, sees China's photovoltaic power additions slumping this year and a greater share of its revenue coming from overseas amid uncertainties over Beijing's new policies.

China may add 30 to 40 gigawatts of solar power in 2019, down from 44 gigawatts the previous year, vice-president Qian Jing said in an interview in Shanghai. The potential slump will come despite additions accelerating in the second half of the year, she said.

China is shifting to a more market-driven approach in the solar power sector to reduce financial burden from subsidies and cut back on unused capacity.

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But there's still a lack of clarity on how it will develop non-subsidised projects, as well as delays by regulators in determining which proposed projects can still receive subsidies, which has left some of them in limbo.

The company expects more than 85 per cent of revenue this year will come from overseas markets this year, up from 80 per cent in 2018, Mr Qian said, adding that there are bright spots in Europe, Asia, Latin America, Middle East and Africa.

JinkoSolar's outlook is similar to the uncertainty-driven slowdown seen by other Chinese solar power firms, which are gathering this week at a conference in Shanghai.

LONGi Green Energy Technology Co president Li Zhenguo forecasts installations between 30 and 50 gigawatts this year, while GCL System Integration Technology Co chairman Eric Luo sees them as low as 20 gigawatts. BLOOMBERG