Taiwan's domestic demand for solar power is strong and its battery and module production capacity is at full load. Neo Solar Power (NSP) announced today (1/10) that its consolidated revenue for December 2021 was NT$1.68 billion, 43.1% MoM and 86% YoY. Annual consolidated revenue was NT$14.24 billion, 13.8% YoY and the company's operating volume continues to grow.

NSP indicated that according to a research report by market research agency IHS, the solar power market will grow more than 20% in 2022 and annual installation volume will exceed the 200GW mark. The regions with the greatest growth momentum in 2022 will include China, India, and Europe. Due to the “Build Back Better” plan, growth in the United States is expected to exceed 25%.

In terms of Taiwan, the Ministry of Economic Affairs recently previewed a draft of the 2022 "Renewable Energy Electricity Wholesale Purchase Rate and Calculation Formula." The preview rates are higher than the wholesale rates from the same period last year and mechanisms to encourage the combination of solar photovoltaic and energy storage systems has been enhanced. NSP is the largest domestic provider of comprehensive green power solutions for energy creation + energy storage and is actively cultivating the energy creation and energy storage markets.

In term of the solar energy manufacturing sector, construction volume in Taiwan should reach a record high in 2022 and market demand is strong. Purchase orders received by NSP throughout the year have exceeded their current production capacity. Currently, production capacity expansion for batteries and modules is in progress to meet the growing needs of the domestic market. NSP aims to achieve a 50% market share in Taiwan this year.

At present, NSP has projects on the roofs of public buildings across Taiwan, at campuses and outdoor ball courts, at Taiwan Railway and Taiwan Water solar farms, and in landfills and large floodwater detention ponds. In 2022, new grid-connected projects will reach 140MW. In terms of energy storage, NSP will actively participate in a Taipower energy storage system tender provide auxiliary services and also begin building its own AFC energy storage equipment and a 12.3MWh self-sustaining system, all expected to be completed in the third quarter of 2022.