2023-05-24 13:35:35
More than half of China’s solar manufacturers might be forced out within two years
The Chinese company, Longi Green Energy, expected that the country’s solar energy sector would face a wave of bankruptcies if the massive expansion of manufacturing capacity continued.
The company noted that more than half of solar manufacturers in China (the world’s second largest economy) may be forced out within two to three years, due to excess capacity.
Longi Green Energy confirmed that companies with weaker financial resources and less advanced technology are most at risk of bankruptcy.
It is worth noting that the solar energy sector is witnessing rapid growth, and installations are expected to rise globally by 36% this year, to reach 344 GW, according to “BloombergNEF”.
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