China-based integrated PV manufacturer Hareon Solar has reported a steep decline in PV module shipments in the first half of 2015.
Hareon Solar said in a financial filing that component sales totalled 344.69MW for the first six months of 2015, down 36.54% from the prior year period.
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The company reported revenue of US$297.9 million, a 42.9% decline from the first six months of 2014. Net loss to shareholders was around US$1.6 million.
However, the sales of certain PV power plant projects saw net cash flow from operating activities total around US$24.7 million.
Third party sales volume of solar cells was 117.62MW, down 19.6% on the prior year period.
The company had component sales of 805.05MW in 2014 and solar cell volume sales of 373.67MW.
Hareon Solar has also been shifting downstream, building PV power plants in China, India and other countries such as the UK.
China has a government target of 17.8GW of PV installations in 2015, with 7.73GW said to be grid connected in the first half of the year, indicating significant growth expected in the second half of the year, which could exceed targets and top 20GW.