China auctions $8.4bn worth of solar panels for the first time
China is auctioning off 1.4 million solar panels at an eye-popping price of $8,450 per watt, according to a Bloomberg report citing a source with knowledge of the auction.
The auction for the panels, which can be used to produce solar power, is the first for a Chinese company and the second in solar-power technology, the report said.
It said the company, China PV, is aiming to sell a total of 3 million panels and about 100,000 modules by the end of this year, as part of a broader effort to address the countrys energy needs.
The auctions are expected to generate more than $8 billion in revenue for the Chinese company, according the report.
The price tag for the solar panels is likely to rise as the auction process begins, it said.
The Bloomberg report said that China PV expects to sell its solar panels through the end.
It did not specify when the auction would end.
China PV said on Tuesday that it has not finalized the bids and that the auctions are not expected to be completed before the end (Jan. 31).
The report said China PV has already sold more than 4 million solar modules and expects to increase that to about 6 million by the middle of next year.
China has been one of the biggest players in solar technology, producing more than 2 million panels in the past five years.