STOCKS | Sungrow Says EU Bank Financing Limits on China Inverters Have Limited Impact

Sungrow said financing restrictions by some European Union banks on projects using Chinese inverters have had a limited impact on the company. According to Jin10, the company disclosed in an investor relations event record that it held an investor conference call on the afternoon of July 1, attended by more than 900 investors. Sungrow said it expected the global energy storage market to expand significantly this year, with demand in Europe exceeding expectations. On the EU financing issue, the company said projects affected by financing limits from a small number of EU banks accounted for about 20% of the European market, and Sungrow participated in relatively few such projects. Sungrow also said that as lithium carbonate prices declined, demand for long-duration energy storage was rising. It added that Europe’s market growth was expected to be about 10% higher than previously anticipated.