LONGi proudly participated in the ‘I Squared Investor Day,’ a premier event organized by I Squared, a leading global investment firm. This summit brought together top investors and industry leaders to discuss critical issues in global infrastructure and energy resources. Amid rising energy demands and the complexities of energy transition, the event served as a key platform for exploring sustainable investment opportunities.
Representing LONGi at the event, Mr. James Jin, President of LONGi Middle East, Africa, and Central Asia (MEA&CA), was a key participant in a panel discussion titled ” Dramatically Changing Energy Markets “. As a representative of the photovoltaic sector, James discussed the continued reduction in the levelized cost of solar energy (LCOE) for solar PV panels and the favorable positioning of solar energy compared to alternative sources. By 2024, solar energy already accounts for approximately 27% of the world’s renewable power generation capacity. James emphasized that between 2010 and 2022, the LCOE of solar dropped an impressive 89%, and by 2050, it is projected to be significantly lower than that of coal, natural gas, nuclear energy and even that of onshore wind, solidifying solar’s status as the most affordable power source driving the global energy transition. LONGi takes pride in its leadership in the industry and its contributions to LCOE reductions through pioneering technology and innovation.
Highlighting the immense potential for solar energy, James revealed that the global PV installations could exceed 680 GW by 2025 with the fastest growth anticipated in MEA&CA region. However, he also acknowledged the challenges facing the solar industry, such as slowing global economic growth, geopolitical uncertainties, and complex trade conditions that have elevated costs and created a difficult operating environment. The current oversupply situation has intensified price competition, jeopardizing profitability across the sector. James stressed that this unsustainable model impacts not only individual companies but the industry as a whole.
To address these challenges, LONGi is committed to innovation, globalization and collaboration. James emphasized the critical role of innovation in ensuring sustainable growth. With an investment of $1 billion in research and development for 2023 alone, LONGi is set to advance its world-leading solar cell technologies and expand its impressive portfolio of innovations. Besides, LONGi has also strategically diversified its supply chain and established localized manufacturing to mitigate geopolitical risks. This proactive strategy enhances resilience and reduces logistics costs, enabling LONGi to operate effectively in over 150 regions.
Looking ahead, to achieve deep decarbonization in those hard-to-abate industries, James stated that “LONGi believes hydrogen is the best solution.” The company is dedicated to fostering the synergy between solar energy and hydrogen, particularly in the MENA region, where low electricity costs and strong government initiatives present significant hydrogen production potential. LONGi has already reached an electrolyzer production capacity of 2.5 GW as of 2023, with plans to scale up to 5-10 GW by 2025.
As the energy landscape evolves, LONGi remains steadfast in leading the way with sustainable energy solutions and innovation. By fostering joint collaboration with partners like I Squared and other key stakeholders, LONGi is committed to driving the global shift towards a cleaner and more resilient energy future.
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