JinkoSolar

JinkoSolar, one of the largest and most innovative solar module manufacturers in the world, took the brunt of the Evergrande debt crisis. According to estimates, inflation hit the company rather strongly. The recent quarterly reports unveiled that the company’s revenue slumped by 6.2% to $1.2 billion on a yearly basis. Notably, the overall supply jumped by 16.4%. At the same time, some solar panels that were exported to the US were stopped at the US border. As a result, JinkoSolar's profit and margin tumbled.

Daqo New Energy Corporatoin

Daqo New Energy Corp. (DQ) is the second company on the list that faced significant losses because of Evergrande. China’s leading polysilicon manufacturer encountered problems after the Biden administration ordered a ban on US imports of a key solar panel material from Daqo New Energy Corp and other companies. However, an initial public offering (IPO) of the company's major operational subsidiary, Xinjiang Daqo New Energy (Xinjiang Daqo), on the Shanghai Stock Exchange's Sci-Tech innovation board was a really positive factor. DQ shares jumped by 20% after its subsidiary completed its IPO process. However, a stellar rise was followed by a decline of 25.3%. It is the first time in the history of listing when a large Chinese subsidiary company, registered in the US, returned to the Star Board. It is quite possible that JinkoSolar and Canadian Solar will also follow the company.

Sunworks Inc.

California’s Sunworks Inc. (SUNW) is the third company in the global energy sector that had to bear the negative consequences of the Evergrande issue. Earlier, the company was known as Solar3D Inc. It is specialized in the production of photovoltaic power systems for agricultural, industrial, and construction industries in the US and Hawaii. At the beginning of the year, shares of the company showed a positive dynamic with a yield of 23.6%. It is one of the largest enterprises in the solar energy sector whose revenue is mounting amid expectations of the Solcius LLC purchase. Once the deal is signed, a new US supplier of solar energy will enter the market. Notably, the company is represented in 12 states. As a result, the company’s overall revenue may total $131.5 million. Analysts suppose that the union is likely to make a profit within the first year after its creation.

Maxeon Solar Technologies Ltd.

Maxeon Solar Technologies Ltd., a subsidiary company of Singapore’s SunPower, took fourth place in the rating. The company is specialized in the development, production, and promotion of solar batteries and their components. It is one of the companies with highly differentiated products. It has effective intellectual property that protects its unique solar panels. However, rising spending on installation of solar panels may significantly reduce the company’s revenue. According to preliminary estimates, the largest supplier of solar panels will soon suffer big losses.

First Solar

First Solar closes the list of the companies that have run into troubles because of Evergrande default. First Solar is the US biggest and the world’s third largest producer of solar panels. The company specialized in the production of solar batteries, photovoltaic power plants, and additional services has developed thin-film semiconductor technology. It is used to raise the effectiveness and solidity of solar panels. Some analysts think that First Solar is likely to benefit from Biden’s ban on polysilicon imports from China. The restriction has recently come into force. The company’s management, which made a commitment to provide the US with solar panels, also supported the bill. However, experts believe that tax benefits are not enough and the company needs additional subsidies. Notably, in August 2021, First Solar started building a new PV module factory in the US. The 3.3 GWdc facility costs $680 million. The company’s management intends to improve production based on Joe Biden's ambitious goals in the field of green energy. First Solar has estimated that about 50% of all solar panels in the world will be produced in the US in the near future.