As part of the visit to China by the delegation headed by Deputy Prime Minister and Co-Chair of the Azerbaijan-China Intergovernmental Commission Shahin Mustafayev, an Investment Agreement was signed on September 9 in Chengdu between the authorized body of the Alat Free Economic Zone and the high-tech Chinese company Sichuan Sunsync Photovoltaic Technology Co., Ltd. for the establishment of a solar panel manufacturing enterprise in the Alat Free Economic Zone.
According to AZERTAC, the document was signed by Valeh Alasgarov, Chairman of the Board of the Alat Free Economic Zone (AFEZ) Authority, and Xie Yi, Founder and Chairman of Sichuan Sunsync Photovoltaic Technology Co., Ltd.
Under the agreement, the company will build three modern production complexes on a 23-hectare industrial site in the Alat Free Economic Zone, equipped with the necessary infrastructure and utilities. The enterprise will produce solar panels with an annual capacity of 3 gigawatts (GW), as well as silicon crystals and components.
China itself is facing an overproduction of solar energy. Five of the six largest Chinese solar energy companies by revenue are forecasting combined losses of around 31 billion yuan (approximately 140 billion New Taiwan dollars). The production capacity of solar panels stands at 1,428 GW, while demand for solar panels in 2024 amounted to about 563 GW. Source: https://money.udn.com/
