Chinese-backed companies have distinct advantages over competitors in the U.S., such as heavily subsidized supply chains for raw polysilicon and unfinished solar modules, as well as low-cost government financing.

U.S.-based Convalt, for example, is struggling to bring online 10 GW of U.S. capacity at a factory it started building in upstate New York in 2022.

“If we are to succeed, we need American manufacturers like Convalt to survive this onslaught of low prices, to build factories with capacities that allow us to compete against the largest global firms, with Chinese beneficial ownership,” CEO Hari Achuthan said

This is one of the many reasons it is a bad idea to privatize utilities/infrastructure. That said, U.S. subsidies helped destroy economies across the globe (like Jamaica’s dairy farmers via world bank loan rules), so it is basically ‘fair play’ for China to play a similar game.