PVTIME – On 16 August 2024, Lingda Group Co., Ltd. (Lingda, 300125.SZ), a leading engineering technology company specialising in new energy development, environmental improvement and energy conservation, has announced the restoration of Phase II of a solar power plant that was shut down on 13 June 2024 due to a series of safety issues.
This particular plant was initiated and operated by one of Lingda’s wholly owned subsidiaries. The plant had previously been cited by the local government during a random production safety inspection on 16 May 2024. Following the discovery of several safety issues, the plant was shut down. Operations will resume once the necessary corrections have been completed. The temporary shutdown of the solar plant will impact Lingda’s operating profit in 2024, as it is a significant source of revenue. This wholly-owned subsidiary, with total assets of 468 million yuan and net assets of 117 million yuan, achieved an operating income of 6.94 million yuan and a net profit of -1.49 million yuan in the first quarter of 2024, a decrease compared to an operating income of 33.256 million yuan in the first quarter of 2023.
In addition, on 5 June 2024, Lingda announced that it will stop the construction of the first phase of a solar cell production facility in Anhui Province, China. The project was launched on 15 June 2023, with Lingda investing 9.15 billion yuan, representing 80% of the joint venture, to establish a solar cell production base with a production capacity of 20GW. The first phase of the project is on track to achieve a production capacity of 10GW of TOPCon solar cells, which will be operational in June 2024. The second phase will aim to achieve 5GW of TOPCon cells and 5GW of HJT cells. However, the first phase of the project has not met the company’s expectations due to a number of factors affecting construction progress. Lingda has stated that the required investment of 4.1 billion yuan for the first phase exceeds the company’s current funds, and the timing of financing is uncertain due to the company’s current operational challenges, particularly the recent decline in the price of high-efficiency photovoltaic solar cells.
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