———"Global Breakthrough" in the Semi-Annual Report on Renewable Energy

"Going against the trend" has become the most prominent hallmark of China's energy equipment exports in the first half of 2026.

In May, at the Taicang Port in Jiangsu Province, the vessel "Aoya Bangkok" departed for Sri Lanka carrying five sets of Envision Energy wind turbine units. This marks the first vessel of this overseas project undertaken by Sinotrans Large Cargo Logistics Co., Ltd. The project involves a total of 318 wind turbine units, with a cargo volume of approximately 2.3 million cubic meters. The shipments will subsequently be dispatched to Asia, Africa, South America, and North America.

Behind the bustling ports lies a set of impressive foreign trade figures. Customs statistics show that in the first half of this year, China's export of wind turbines grew by 35.6%, far exceeding the 13.4% growth rate of the country's overall goods trade exports. Wang Bohua, former secretary-general of the China Photovoltaic Industry Association, disclosed that the export value of photovoltaic products in the first half of the year rose by 24.3% year-on-year.

Notably, these export performance figures were achieved against the backdrop of year-on-year declines in new installed capacity of domestic photovoltaic and wind power projects during the first half of this year. This counter-trend growth in exports has, to some extent, alleviated the dilemma of "increased volume but declining prices" faced by the domestic market due to low-price competition.

From "increasing volume and decreasing prices" to "decreasing volume and increasing prices" 

A closer look at photovoltaic export data reveals a striking contrast.

An analysis of Wind data by reporters reveals that in the first half of this year, the total export value of three product categories—wafers, solar cells, and modules—reached approximately US$17.183 billion. By product category: exports of wafers amounted to US$780 million, representing a year-on-year increase of 29.4%; exports of solar cells reached US$3.25 billion, up 87.6% year-on-year; and exports of modules totaled US$13.2 billion, up 14.4% year-on-year.

The most critical shift lies in the volume-price dynamics. While module export volumes fell by approximately 2.5% year-on-year, export value rose by 14.4%—marking the first rebound since the deep market adjustment in the second half of 2023; silicon wafer export volumes declined by 0.6% year-on-year, yet export value increased by 29.4%; for solar cells, both volume and price rose, with export volumes growing 36.8% year-on-year.

"Behind the growth in exports lies a shift in the industry's competitive strategy—from competing on price to competing on value," Wang Bohua stated in an interview with a reporter from Zhongneng Media.

The direct catalyst for this shift is the adjustment of the export tax rebate policy. Effective April 1, 2026, China will abolish VAT export tax rebates for photovoltaic products and other related goods, while the export tax rebate rate for battery products will be reduced from 9% to 6%. In March, prior to the implementation of this policy, various segments of the industrial chain engaged in a competitive rush to secure export orders, which to some extent depleted demand in April and May. The abolition of the tax rebates has directly increased export costs, compelling enterprises to raise their quoted prices and thereby facilitating a rational correction of overseas market prices. According to data from InfoLink, in the first half of the year, the price of TOPCon modules in first-tier markets stabilized within the range of 0.67–0.71 yuan/W, representing a marked recovery from the low-price range observed in 2025.

Inverter exports continued to demonstrate strong growth momentum. In the first half of the year, export value reached USD 5.53 billion, representing a year-on-year increase of 30.7%. The Netherlands, Germany, and Australia ranked the top three export destinations, with exports to Australia soaring 220.5% year-on-year.

Furthermore, the export market structure is also undergoing accelerated diversification. In terms of photovoltaic module exports, the Netherlands, Pakistan, and the Philippines rank among the top three export destinations, while the share of the European market remains steady at approximately 40%, and the share of the African market has risen from 6.4% in the first half of 2025 to 9.5%. Regarding cell exports, Indonesia has replaced India as the largest export market, with exports to Indonesia reaching US$1 billion in the first half of the year—a year-on-year increase of 237.8%—and exports to the Philippines reaching US$270 million, representing a year-on-year surge of 1,042.9%. In silicon wafer exports, India has become the largest market, with export value to India amounting to US$230 million, a year-on-year increase of 1,327%.

From "selling overseas" to "taking root overseas"

Behind the export data lies the accelerated globalization of Chinese enterprises.

Taking the renewable energy sector as an example, our reporters selected the top 10 companies (20 in total) by operating revenue in 2026 for photovoltaic equipment and wind power equipment (according to the Shenwan secondary classification). Analysis of companies that have disclosed regional revenue data reveals that the proportion of overseas revenue has generally surged compared to the same period last year: the combined overseas revenue of the "top 10 photovoltaic companies" reached 117.086 billion yuan, remaining largely unchanged; among the six wind power companies that disclosed such data, their combined overseas revenue amounted to 16.267 billion yuan, representing a year-on-year increase of 38.67%.

In the photovoltaic sector, LONGi Green Energy Technology Co., Ltd. stands out as the most representative case of transformation. In the first half of this year, the company's overseas revenue reached 16.163 billion yuan, representing a year-on-year increase of 30.29%; its share of overseas revenue rose from 37.81% in the same period last year to 59.76%, an increase of nearly 21.96 percentage points—the largest increase among the 20 companies analyzed. JA Solar's overseas revenue amounted to 12.340 billion yuan, accounting for 70.53% of total revenue, with its overseas revenue share increasing by 20.99 percentage points year-on-year. Sungrow Power Supply Co., Ltd. led the pack with overseas revenue of 22.690 billion yuan, representing 73.40% of total revenue and an increase of 15.10 percentage points. JinkoSolar's overseas revenue reached 18.549 billion yuan, accounting for 75.01% of total revenue, with its overseas revenue share rising by 10.51 percentage points. Trina Solar's overseas revenue stood at 17.100 billion yuan, reflecting a year-on-year growth of 15.80%, with its overseas revenue share increasing by 5.91 percentage points to 53.46%.

Suntech Power's energy storage system revenue reached 15.456 billion yuan, accounting for 50% of total revenue—surpassing inverter revenue for the first time to become the company's largest business segment. According to Suntech Power, its Poland plant is currently under construction and is expected to be completed in the first half of next year. The facility will encompass both inverters and energy storage products, with a planned annual production capacity of 20 GW of photovoltaic inverters and 12.5 GWh of energy storage systems, and is projected to create 400 jobs.

In the wind power sector, the overseas revenue growth of leading turbine manufacturers has been even more pronounced.

In the first half of the year, Goldwind achieved overseas revenue of 10.887 billion yuan, representing a year-on-year increase of 29.94% and accounting for 32.27% of its total revenue; its overseas order backlog reached 9,489.02 MW, up 28.93% year-on-year, making it the only one of the 20 companies to disclose a specific figure for its overseas order backlog. Yunda Co., Ltd. recorded overseas revenue of 1.387 billion yuan, surging 426.11% year-on-year, with its overseas revenue share jumping from 2.42% to 10.03%. Sany Heavy Energy achieved overseas revenue of 933 million yuan, up 300.05% year-on-year, with contracted overseas orders nearing 5 GW. Component manufacturers also benefited significantly; Daikin Heavy Industries reported overseas revenue of 2.675 billion yuan, accounting for a substantial 82.25% of its total revenue.

Although Envision Energy, which is not yet listed, lacks interim financial data, its overseas expansion momentum remains equally robust. According to statistics from Bloomberg New Energy Finance (BNEF), in 2025, Envision Energy's overseas installed capacity surged 15-fold year-on-year to 4.8 GW, setting a new annual overseas installation record for Chinese complete turbine manufacturers; from January to June 2026, its newly secured overseas orders exceeded 4.4 GW. In Sheyang, Jiangsu Province, a batch of large-scale intelligent offshore wind turbines is undergoing accelerated assembly and commissioning, destined for Vietnam's 128 MW offshore wind power project in Vinh Long. According to a representative of Envision Energy: "This marks the first time that Vietnam has adopted offshore intelligent wind turbines featuring large rotor diameters and high per-unit capacity."

　　It should be noted that the widespread increase in the proportion of overseas revenue stems both from proactive expansion of overseas operations and from a decline in the domestic revenue base amid intense price competition in the domestic market. Taking Sungrow Power Supply as an example, its overseas revenue in the first half of the year decreased slightly by 10.59% year-on-year, yet its share still rose significantly—primarily due to a faster contraction in domestic revenue. In contrast, Canadian Solar's overseas revenue in the first half of the year fell by 32.41% year-on-year, mainly driven by a contraction in U.S. market demand.

　　International markets have become a strategic pivot for leading enterprises to hedge against domestic cyclical fluctuations and optimize their revenue structures.
　From "product globalization" to "standard globalization"

　　An even more noteworthy transformation is occurring at the level of international expansion strategy: companies are evolving from merely "selling equipment" to "exporting technical standards and system solutions."
　　LONGi has undertaken a project in Termez, Uzbekistan: in collaboration with UNHCR, it has built a 700 kW photovoltaic power station for a local humanitarian emergency warehousing and logistics center.

　　At the Ruisi wind power project in Georgia, Goldwind has not only supplied 33 GW171-6.25MW smart wind turbines but also participated in the construction of the project and undertaken 15 years of operation and maintenance. "The Ruisi wind farm, currently under construction, will not only help alleviate Georgia's electricity shortage and achieve its self-sufficiency goal, but also support a significant increase in the share of wind power capacity in the local power mix," stated Wu Kai, Vice President of Goldwind and Chairman of Goldwind International.
　　The shifting global market share serves as the most vivid illustration of this transformation. According to BNEF statistics, as of June 2026, the cumulative overseas installed capacity of Chinese wind turbine manufacturers has reached 21 GW, with a total pipeline of approved and funded projects amounting to 19.8 GW; in the first half of 2026, Chinese wind turbine manufacturers secured international orders totaling 15.04 GW, representing a year-on-year increase of 47%.

A series of major overseas wind power projects have been successfully launched.

Envision Energy has successively signed contracts with Vietnam's REE Group for a 128 MW offshore wind power project cluster in Vinh Long Province and a 200 MW offshore wind power project in Soc Trang; the latter project utilizes 25 EN-226/8.X offshore wind turbines and represents the largest offshore wind power project secured by Envision Energy in both Vietnam and overseas markets. Additionally, Envision Energy has exported 7.7 MW large-scale wind turbines to Saudi Arabia, with the project planning the installation of 147 turbines and a total installed capacity of approximately 1.1 GW; the first batch of turbines has already been successfully grid-connected and commissioned.

Photovoltaic companies are also expanding their operations in overseas "deep waters."

　　Aixu Solar has established a partnership with Neoen, an independent European renewable energy manufacturer, to supply ABC modules (All Back Contact solar cells) for a total of 600 MW of centralized power plants in regions including France, Ireland, and Italy; the company has also successively secured ground-mounted power plant projects worth 112 MW in Finland and 120 MW in the Czech Republic. Additionally, LONGi Green Energy has renewed a three-year framework agreement with its European partners to supply a total of 2 GW of high-efficiency modules.　　

Policy incentives are also unlocking new market opportunities. Effective April 1, 2026, the United Kingdom will impose zero tariffs on 33 categories of core components for offshore wind power, with the tariff rates for key components such as blades and cables reduced from 6% and 2% to 0%; Cambodia has issued Premier Order No.52, lowering import tariffs on 179 tariff items of green products from 15% to 0%, covering solar power generation systems, electric vehicle motors, and lithium batteries, among others.                

　　From Taicang Port to Karachi Port in Pakistan, and from Nanjing Longtan Terminal to the offshore waters of Vinh Long in Vietnam, China's energy equipment is accelerating its global expansion.