China Renewable Energy: Expert Estimates PRC Solar Addition of 160GW in 2026E & 180-190GW in 2027E, vs 317GW in 2025

Research evidence excerpt

China Renewable Energy: Expert Estimates PRC Solar Addition of 160GW in 2026E & 180-190GW in 2027E, vs 317GW in 2025

Flash |

24 Jun 2026 07:17:35 ET │ 13 pages

China Renewable Energy

Expert Estimates PRC Solar Addition of 160GW in 2026E & 180-190GW

in 2027E, vs. 317GW in 2025

CITI’S TAKE

PRC solar supply chain continues to face downward pressure from

oversupply-led ASP cuts. According to industry expert Ms. Peng Peng,

General Secretary at China New Energy Generation Investment and

Financial Alliance, PRC solar capacity additions are projected to decline to China Solar Sector

160GW in 2026E and 180-190GW in 2027E, from 317GW in 2025. PRC Pierre Lau, CFAAC

solar product prices generally dropped wow this week across different +852-2501-2716

parts of the value chain including (i) polysilicon amid high inventory, (ii) pierre.lau@citi.com

wafers, (iii) solar cells with margins at minimal profitability; and (iv) solar

Air Ma glass due to excessive inventory. We are cautious on 1H26E earnings

air.ma@citi.com outlook for PRC solar equipment makers. In PRC solar and ESS sector, we

prefer ESS makers like Sungrow and Deye with high shipment volume

growth. We will host a business update call with Sungrow at 4pm HKT on

25-Jun-26 (Thursday). Please email us (pierre.lau@citi.com) if you would

like to join.

Tongwei capital injection into its subsidiary – On 23 June, polysilicon maker Tongwei

Co., Ltd. (600438.SH) announced plans to inject Rmb5.06bn equity into its wholly-

owned subsidiary Tongwei Solar Technology Co., Ltd (unlisted). The entire capital

injection will be added to Tongwei Solar Technology’s capital reserve, and the

subsidiary will remain wholly owned by Tongwei after the injection. The goal of the

equity injection is to lower the subsidiary’s gearing ratio.