The photovoltaic industry has turned to domestic self-help

Just as the EU, the United States, and India held high-profile "double-reverse" sticks to China, and the domestic PV industry was bleak, some local governments finally could not help but try to redeem the photovoltaic enterprises on the verge of life and death.

On November 5th, photovoltaic giant LDK Solar Co., Ltd. (hereinafter referred to as “Saiwei”) announced that Peng Xiaofeng, the founder, resigned as CEO and was replaced by Yu Xingxue. At the same time, five new members with the background of state-owned capital of Jiangxi Xinyu City entered the board of directors of Saiwei. This move is known in the industry as the beginning of the nationalization of Saiwei. Suntech, another domestic photovoltaic giant, has also received strong support from the local government of Wuxi.

Another noteworthy event is that on October 25th, representatives from the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Commerce, the National Energy Administration and many banks gathered in Baoding, Hebei Province to jointly discuss the dilemma of the photovoltaic industry.

A photovoltaic redemption campaign is taking place, but can it turn the tide and make the domestic photovoltaic industry out of the haze?

"double anti-" suppression

On November 8 this year, it was a freezing day for domestic PV companies. On this day, Chinese PV companies received two bad news from the European and American markets.

One is that the US Trade Arbitration Commission has arbitrated China's PV "double-reverse" case, and all of them voted in favor of the US Department of Commerce's ruling that it will impose an anti-dumping duty of 18.32% to 249.96% on Chinese-made crystalline silicon photovoltaic cells and components. There is also a countervailing duty of 14.78% to 15.97%.

Another bad news is that the EU has officially launched a countervailing investigation on PV modules and key components in China, and officially upgraded the previous anti-dumping “SLR” to “double-reverse”.

On the day of these two bad news announcements, the Chinese PV concept stocks listed in the US fell.

The most intuitive response is also followed. On November 14, Savvy announced an agreement with European PV customers to terminate long-term supply of solar wafers. The supply agreement signed in 2008, which lasted for 10 years, was discontinued after only four years of operation. Although Savi is able to receive compensation of US$37 million, the suspension of the agreement means that Saiwei’s collapse in the European market has begun.

According to Xie Chen, an analyst with the Silicon Industry Branch of the China Metal Industry Association, 90% of the PV industry in China is currently abroad, of which 60% is sold to Europe, and the remaining 30% is sold to the US and other regions. Therefore, the European and American markets have imposed “double reverse” restrictions on Chinese PV companies, and the domestic PV industry will face huge losses.

According to the US investment bank Maxim Group report, on the balance sheets of China's 10 largest solar companies, debt totaled $17.5 billion, indicating that the industry is close to bankruptcy.

The data shows that in the first three quarters of this year, the current liabilities of photovoltaic listed companies increased by 21.05% year-on-year; and the company with negative net cash flow from financing activities increased by one year compared with the same period of last year. Times.

Government assistance

In the face of the current situation of deep losses, local governments began to take action. Recently, “nationalization” of Saiwei is typical of local governments to redeem photovoltaic enterprises.

This crisis-ridden US stock listed company was once the domestic PV leader. Since the financial crisis in the first half of this year, it was once considered "very likely to go bankrupt." The dramatic change occurred in October this year. Since the "mysterious" 700 million investment has been continuously clarified, a strong capital led by central enterprises has continuously settled in Saiwei. The industry said that this event was "nationalized" by Saiwei.

The first step in nationalization is personnel adjustment. On November 5th, Saiwei announced that Peng Xiaofeng, the founder, resigned as CEO, and was replaced by Yu Xingxue. Peng Xiaofeng is still the chairman of the board of LDK. At the same time, five new members with the background of state-owned capital of Xinyu City, Jiangxi Province, entered the board of directors.

At the end of September this year, Wuxi local government began to strongly support another photovoltaic giant Wuxi Suntech, and established a stable Suntech development leading group and coordination service team.

On November 6, news of the nationalization of another photovoltaic company was confirmed. Dongying Photovoltaic (CNPV) announced the company's ownership restructuring plan. The company controlled by Shandong Dongying City Government proposed to purchase 50.38% of Dongying Photovoltaic for US$10 million.

In addition to direct assistance to enterprises, the government also supports photovoltaic companies by expanding domestic demand policies. On October 25 this year, representatives from the Ministry of Finance, the Ministry of Industry and Information Technology, the Ministry of Commerce, the National Energy Administration and many banks gathered in Baoding, Hebei Province to jointly discuss the dilemma of the photovoltaic industry. Li Cheng, director of the Energy Policy Division of the Ministry of Finance and Economics, said that he will further increase support for the “Golden Sun” demonstration project and adopt measures combining “point, line and surface” to expand the scale of domestic application.

Launched in 2009, the “Golden Sun” demonstration project will increase the scale of the project in the near future and launch the second batch of demonstration projects. It is understood that the target of the photovoltaic subsidy program for the terminal, the first target size determined this year is 1.7GW (1 billion watts), after which the actual arrangement of projects has risen to 3.2GW. In addition to the above-mentioned "Golden Sun" second batch demonstration project, a series of photovoltaic projects including power-free area power construction and new energy city will be launched soon, and the estimated investment amount will be as high as 70 billion yuan.

On October 26, the State Grid held a press conference to strengthen the distributed photovoltaic power generation grid-connected service, and proposed that in the future, it will provide system planning, grid-connected testing, debugging and other full-process services for qualified distributed photovoltaic projects, without charging fees. The surplus power was fully acquired. This initiative is referred to by the industry as “free access to the Internet” and is considered to be one of the most likely policies to bring a turnaround to PV companies.

Prior to this, CDB recently completed the proposal to further strengthen financial credit to support the healthy development of the photovoltaic industry, and will focus on ensuring the credit line of 12 “six big six small” PV companies, and the rest of the PV business loans will be strictly controlled.

Self-help

How effective is the salvation of local governments? From the situation of Savi, it seems optimistic. The new leadership team just took over, and launched a new business engine for the loss-making Saiwei.

Saiwei announced on November 9 that its subsidiary, Italian Solar Green Technology Co., Ltd. completed the design and construction of a 12 MW PV project. It is said that the installation is throughout Italy, and 40% of its financing is provided by Saiwei. The new president and CEO, Xing Xingxue, said: "This is a cross-century project. The completion of the project indicates that PV companies still have the opportunity to dig deep into the international market."

The strong support of the Xinyu City Government may allow Saiwei to take a breather under heavy debts, but the new team will not only face heavy debt problems, but also replace the new business growth engine for Saiwei. uncertain.

"Passive rescue is not the best way to solve the problem." In an opinion of a researcher in the photovoltaic industry of Haitong Securities, the "double-reverse" policy of Europe and the United States is only a factor for the development of photovoltaic enterprises, and photovoltaic enterprises themselves exist. many problems. Intrinsic reasons such as lack of core technology and blind influx are also one of the keys to the development of enterprises. “If PV companies want to break through the predicament, they cannot rely solely on external forces, and more importantly, self-help.”

Fortunately, PV companies are doing the same.

The construction of the Saiwei project in Italy is not just a case. By producing products in third-party countries and exporting them to the United States, it is a barrier to switching taxes, which is one of the options for many PV companies. Suntech Power was one of the earliest actions. As early as 2010, the US market was laid out. Shi Zhengrong, chairman of Suntech Power, also said that he would consider opening more overseas jobs.

At present, the Ministry of Commerce also said that for the photovoltaic industry currently in the cold winter, the government is working hard to formulate new policies to promote foreign aid in the solar photovoltaic industry, mainly targeting more than forty countries in Africa, forcing Chinese companies to go global.

However, industry insiders analyzed that setting up factories overseas is a helpless move for these companies. External factors are important, but mastering internal strength, mastering core technologies, improving product quality, and eliminating backward production capacity are the key factors for China's PV industry to stand up again.

At the 2012 China (Chengdu) New Energy International Summit, the relevant departments said that the government is preparing to introduce a mandatory certification and testing system for the photovoltaic industry, which will be launched in 2013 at the earliest. "This is a powerful guarantee for forcing the improvement of the technical quality of enterprises. By implementing the compulsory certification and testing system, the number of export enterprises can be reduced, and the entry threshold for enterprises can be improved. At the same time, foreign products entering China must also pass the compulsory certification test in China." Sun Guangbin, secretary-general of the Solar Energy Branch of the Chamber of Commerce for Import and Export of Mechanical and Electrical Products, said publicly.

Experts pointed out that the introduction of this system is conducive to promoting the core technology of enterprise R&D and improving product quality; more importantly, it can fundamentally solve the situation that domestic PV companies are subject to people.

Ding Qiang, general manager of Baoding Tianwei Group and chairman of Tianwei Baozheng, said that the demand for photovoltaic power generation in Europe and the United States has been relatively stable. In the next few years, it is conservatively estimated that there will be more than 20GW of market demand per year. Once polysilicon products are levied with high punitive tariffs, in terms of current market prices, film products that are not included in the anti-dumping and countervailing investigations in Europe and the United States will have a good competitive advantage. Ding Qiang called this move "reserve energy for the next step of development."

"Whether it is building a power station or digging the market, whether it is to integrate resources or to warm up the group, it is the last word to find a countermeasure to let the company survive." A researcher at the China Renewable Energy Society said. "After the United States and the EU's 'double opposition', national policies are releasing positive. But the market environment is still bad, and enterprises need to seize opportunities."

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