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MERC Approves Tariff for Procuring 13 MW Wind-Solar Hybrid Power


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					</table><p>China-based solar module manufacturer <a href="https://www.jinkosolar.com/" target="_blank" rel="noopener">JinkoSolar Holding</a> has claimed that its N-type tunnel oxide passivated contact (TOPCon)-based perovskite tandem solar cell achieved a conversion efficiency of 33.84%, surpassing its previous record of 33.24%.</p>
<p><a href="http://english.sim.cas.cn/" target="_blank" rel="noopener">Shanghai Institute of Microsystem and Information Technology</a>, <a href="https://english.cas.cn/" target="_blank" rel="noopener">Chinese Academy of Sciences</a> independently tested this claim.</p>
<p>JinkoSolar’s new tandem cell technology utilizes the company’s N-type monocrystalline TOPCon solar cell as the bottom cell.</p>
<p>Tandem solar cells are stacks of multiple solar cells arranged one over the other, helping them capture more energy from the sun.</p>
<p>These cells are augmented by ultra-thin poly-Si passivated contact technology, a proprietary light-trapping technology, and an intermediate recombination layer with high light transmittance and carrier mobility.</p>
<p>The company claims that the results have broken the conversion efficiency limit of single-junction crystalline silicon cells.</p>
<p>The company’s perovskite/TOPCon tandem cell comprises full-area passivated contact technology, perovskite interfacial defect passivation technology, and bulk defect passivation technology to improve power generation efficiency. The tandem cells also employ surface passivation technology using hybrid materials.</p>
<p>Through this development, JinkoSolar aims to demonstrate TOPCon’s compatibility as a mainstream solar cell technology with next-generation perovskite/silicon tandem cells.</p>
<p>N-type TOPCon technology can potentially drive innovation in solar photovoltaic modules, improving performance and fulfilling diverse energy needs through consistent development.</p>
<p>Jinko Solar was the top module supplier to the Indian market in 1H 2024, according to <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2024-market-shares-profiles" target="_blank" rel="noopener">Mercom’s India Solar Market Leaderboard</a> report.</p>
<p>Recently, China-based solar photovoltaics company Trina Solar <a href="https://www.mercomindia.com/trina-solar-reports-27-08-solar-module-efficiency-for-n-type-topas-cells" target="_blank" rel="noopener">announced</a> that its industrial n-type total passivation solar cell, based on heterojunction technology, achieved a front-side efficiency of 27.08 %.</p>
<p>In December last year, South Korea-based solar cell and module manufacturer Qcells <a href="https://www.mercomindia.com/qcells-claims-28-6-perovskite-silicon-tandem-solar-cell-efficiency" target="_blank" rel="noopener">announced</a> achieving a 28.6% tandem solar cell efficiency on a full-area M10-sized cell that can be scaled for mass manufacturing.</p>


JinkoSolar Reports 33.84% Perovskite Tandem Solar Cell Efficiency


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					</table><p>China-headquartered solar cell and module manufacturer <a href="https://www.jinkosolar.com/en/" target="_blank" rel="noopener">JinkoSolar</a> saw a 44% decline in its first quarter (Q1) 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.</p>
<p>The company’s gross margin fell to 11.9% in Q1 from 17.3% in the same period last year.</p>
<p>Module prices have been steadily <a href="https://www.mercomindia.com/recent-module-price-drop-outlier-or-developing-trend" target="_blank" rel="noopener">falling</a> since last year owing to China&#8217;s industrial overcapacity. While this has been advantageous for developers, it has put significant pressure on module manufacturers, reflected in their recent poor financial performances.</p>
<p>“Module prices continued to fall in the first quarter,” said CEO Xiande Li in a statement, adding that the company expects the profitability of its integrated solar companies to come under pressure in the short term.</p>
<p>Quarterly revenue also saw a marginal 1.2% fall, from RMB 23.33 billion ($3.23 billion) to RMB 23.04 billion ($3.19 billion).</p>
<p>Lower revenue and profits were despite total solar module shipments rising 53.3% from the prior year. The company shipped nearly 20 GW of modules in Q1, from 13.22 GW in the same period the previous year.</p>
<p>The increase was driven by higher demand from foreign markets at a time when manufacturers in the U.S. and Europe were <a href="https://www.mercomindia.com/us-solar-domestic-supply-chain">complaining</a> of cheap Chinese solar modules flooding their markets.</p>
<p>Jinko’s module exports increased over 20% year-over-year, with over 70% of modules being shipped to overseas markets in the first quarter.</p>
<p>“We expect more shipments, particularly in the U.S., as well as in the European market,” said CFO Charlie Cao during a post-earnings conference call with analysts, adding that he believes the pricing of modules is “already reaching rock-bottom.”</p>
<p>Commenting on the trade tensions, particularly with the U.S., CMO Gener Miao said that trade tariffs and current geopolitical issues are “definitely a big challenge” and have contributed to an increase in costs.</p>
<p>“But as a company side, we have no choice but to try our best to adapt towards the market or what the government wants. So that&#8217;s why we are working very hard with our lawyers, with our customers, trying to find out the best solutions in the U.S. market,” he added.</p>
<p>N-type modules accounted for nearly 80% of JinkoSolar&#8217;s total module shipment. Meanwhile, nearly 50% of module shipments to North America were N-type.</p>
<p>The company said it is accelerating the phasing out of its P-type capacity and expects N-type modules to exceed 90% of total capacity by the end of 2024.</p>
<p>It <a href="https://www.mercomindia.com/module-shipments-drive-jinkosolars-revenue-q4" target="_blank" rel="noopener">reported</a> a 73% jump in net profit in the previous quarter owing to higher shipments.</p>


JinkoSolar’s Q1 Profit Drops 44% as Falling Module Prices Hurt Margins


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					</table><p>The accelerating technological advancement of solar modules risks exacerbating the challenges of durability and cell degradation, according to a new review from the National Renewable Energy Laboratory (<a href="https://www.nrel.gov/" target="_blank" rel="noopener">NREL</a>), which examined the reliability implications of emerging trends in crystalline-silicon photovoltaic (PV) module design.</p>
<p>The trends, grouped into four categories, cover larger module sizes, new cell interconnection methods, the rise of bifacial modules, and a transition to next-generation high-efficiency solar cells.</p>
<p>The reliability challenges in &#8216;cell-cracking,&#8217; or degradation, arise from their multistep nature: cracks develop, then propagate, and cell fragments from cracking move, wearing out the fragment-bridging metallization, potentially causing electrical contact loss.</p>
<p>Cell cracking is an umbrella term for a multistep degradation process that can lead to power loss.</p>
<p>Degradation rates also vary due to factors like module design and environmental conditions, complicating accurate reliability assessment. Consequently, technology changes can affect all or none of the degradation steps.</p>
<p>In one study, 84% of PV modules had at least one type of crack, but only 60% had cracks that caused significant power loss.</p>
<p>The research found maintaining module reliability is critical as solar deployments accelerate around the globe and new technologies are introduced before they have been thoroughly field-tested. Determining accurate degradation rates usually requires at least three years of testing in the field.</p>
<p>Increasing module sizes up to 3 square meters may increase the risk of cell cracking and failures from severe weather unless installation methods are improved. According to the research, moving to multi-wire interconnection methods and conductive adhesives instead of solder could introduce new degradation pathways if not adequately tested.</p>
<p><strong>Bifacial modules</strong></p>
<p>The growing adoption of bifacial modules is driving the use of thinner glass to reduce weight. However, researchers warn thinner glass may compromise mechanical integrity and require new hail testing protocols.</p>
<p>Bifacial solar modules capture sunlight from both sides, increasing efficiency. However, if the materials used to seal these modules trap acetic acid, corrosion can accelerate, potentially damaging the modules.</p>
<p>Acetic acid can originate from several sources within solar modules. One common source is the degradation of certain materials used in the encapsulation or backsheet of the modules. When these materials degrade due to exposure to heat and moisture, they can release acetic acid as a byproduct. Acetic acid is also produced if moisture enters the module and reacts with metal components.</p>
<p>Perhaps the biggest reliability unknowns surround the anticipated transition to next-generation solar cells made from n-type silicon, such as silicon heterojunction and tunnel oxide passivating contact architectures. Their ultra-thin surface layers and higher efficiencies create new reliability sensitivities that require updated accelerated testing procedures.</p>
<p>The researchers proposed a continuous &#8220;PV reliability learning cycle&#8221; to incorporate the latest scientific findings into standards and product improvements, ensuring quality control despite the industry&#8217;s relentless technological evolution. Multi-factor modeling, alongside improved field data collection, will be needed to validate models against real-world results.</p>
<p>Another recent study by NREL <a href="https://www.mercomindia.com/extreme-weather-in-a-small-but-significant-way" target="_blank" rel="noopener">found</a> that climate change-induced extreme weather events like hail, flooding, and high winds accelerate solar module damage above certain thresholds, causing greater long-term losses in system performance.</p>
<p>Recently, scientists from MIT said that perovskite solar panels could become more efficient and <a href="https://www.mercomindia.com/nanoscale-engineering-perovskite-cell-durability" target="_blank" rel="noopener">sturdier</a> over longer periods by engineering the nanoscale structure of perovskite devices.</p>


Rapid Innovation Threatens Solar Module Reliability, Researchers Warn


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					</table><p>China-headquartered solar cell and module manufacturer <a href="https://www.jinkosolar.com/en/" target="_blank" rel="noopener">JinkoSolar</a>&#8216;s total revenue in the fourth quarter (Q4) of 2023 rose by 9.4% year-over-year (YoY) to RMB 32.83 billion (~$4.62 billion), compared to RMB 30 billion (~$4.2 billion) in the same period last year. The increase was mainly due to higher solar module shipments driven by rising global demand, partially offset by lower average selling prices.</p>
<p>Adjusted net income in the quarter rose 73% to RMB 462.7 million (~$64.2 million) from RMB 267.8 million (~$37.2 million) last year, as the company shipped higher volumes of modules and reigned in expenses.</p>
<p>Adjusted net income excludes impacts from change in fair value of the company’s notes, long-term investments and share based compensation expenses.</p>
<p>Solar module shipments in Q4 reached 26,335 MW, a 67.7% jump compared to Q4 of 2022. However, despite higher sales, the gross margin fell by 150 basis points, primarily due to the decline in module average selling prices.</p>
<p>“As module prices fell more than expected in the fourth quarter and nearly 50% of our modules were sold to the Chinese market at lower prices, gross margin for the fourth quarter decreased significantly to 12.5%,” said CEO Xiande Li. Gross margin in the same quarter last year was 14%.</p>
<p><strong>Full-year 2023</strong></p>
<p>JinkoSolar’s total revenue for the full year (FY) 2023 rose by 42.8% to RMB 118.68 billion (~$16.72 billion), compared to RMB 83.13 billion (~$11.6 billion) in 2022, mainly due to higher module shipments offsetting lower average selling prices.</p>
<p>Adjusted net income for FY 2023 was RMB 4.07 billion (~$485.6 million), a remarkable increase of 193% compared to RMB 1.39 billion (~$193 million) in 2022. The growth was driven by the company’s strong operational performance and effective cost-management strategies.</p>
<p>Module shipments for FY 2023 reached 78,520 MW, a rise of 80.1% compared to 2022. The company claimed that the growth in module shipments positioned it as the top module supplier globally. Executives noted the ramp-up of integrated overseas capacity was a key enabler.</p>
<p>The gross margin for 2023 was 16%, higher than the 14.8% reported in 2022, driven by lower material costs.</p>
<p>“Rapid iteration of new technologies and the elimination of obsolete production capacity will also accelerate the consolidation of the industry. Market share for the top 10 module manufacturers is expected to increase from 70% in 2023 to over 90% in 2024,” said Xiande during a post-earnings conference call with analysts.</p>
<p>The company also plans to phase out the 20 GW of PERC capacity throughout the year and have 100% N-type capacity by the end of the year.</p>
<p>Xiande added, “In China, newly added PV installations reached 216.88 GWs in 2023, up 148.1% year-over-year to a historical high. At the same time, excess supply in various links of the industrial chain led to price decline. Tender prices for modules at the year-end decreased by over 40% to below RMB1 (~$0.14) per watt. Compared to the beginning of the year, export volumes of PV products in 2023 increased significantly year-over-year, whereas export volume fell slightly as a result of decreasing prices. In January and February 2024, seasonality combined with extreme competition from certain manufacturers intensified the market panic and irrational prices.”</p>
<p>In the previous quarter, Jinko’s net income <a href="https://www.mercomindia.com/jinko-solars-soars-as-module-shipments-rise" target="_blank" rel="noopener">soared</a> 140% on the back of higher module shipments.</p>
<p>Jinko Solar was also among the top solar module suppliers in the first half of 2023 according to Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2023</a>.</p>


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