China's solar companies shine in Europe

Europe has become the largest buyer of Chinese photovoltaic products in the world. Despite the rising prices in the solar supply chain, the number of PV modules exported by China to Europe has been growing every month.

The reason behind it is that China, which boasts the world's biggest production capacity in solar energy equipment and related goods, has found a matching buyer in Europe, a continent where advanced markets have accelerated ambitious energy transition goals after Russia-Ukraine tensions created energy inflation and energy insecurity, which in turn increased the demand for PV energy.

The European Commission introduced the REPowerEU Plan in May, pledging to accumulate 320 GW of installed PV capacity by 2025, and 600 GW by 2030. The plan also states scrutiny will be stepped up gradually, mandating all public and regular buildings to install rooftop PV systems.