Global solar panel manufacturer Jinko Solar has reported sluggish movement in China’s solar photovoltaic (PV) power additions in 2019.
According to Jinko Solar’s vice president, Qian Jing, China may add 30 to 40 gigawatts of solar power in 2019, down from 44 gigawatts the previous year, Bloomberg reported.
She added that the potential slump will come despite additions accelerating in the second half of the year, she said.
Bloomberg reported that China is shifting to a more market-driven approach in the solar power sector to reduce the financial burden from subsidies and cut back on unused capacity.
Solar panel market concerns
The news agency added that a lack of clarity remains around how it will develop non-subsidised projects, as well as delays in regulators determining which proposed projects can still receive subsidies, which has left some developments in limbo.
The company expects that more than 85% of revenue this year will come from overseas markets, up from 80% in 2018, Qian said. She added that there are bright spots in Europe, Asia, Latin America, Middle East and Africa.