Tongwei investing US$ 1.9 bn in 32GW of new solar cell capacity

• Significant polysilicon and seller cell producer Tongwei Group is to purchase an extra 32GW of solar cell capacity via a RMB12 billion (US$ 1.9 billion) financial investment in partnership with the federal government of Meishan City, in Sichuan Province, China.

The capacity growth will certainly be carried out in 2 16GW phases, Tongwei claimed, with the business intending to bring the very first phase of the project online by the end of 2023, after which work with the 2nd phase will certainly begin.

Tongwei stated in a supply declaration that the new facility will be improved Qinglong Street, Tianfu New District, Meishan in cooperation with the local government.

Tongwei has long held plans to increase its cell capacity and at the end of last month, it signed a two-year polysilicon manage LONGi to supply the module manufacturer with more than 200,000 statistics tonnes (MT) of polysilicon.

In 2015, it also combined an agreement with 'Solar Module Super League' (SMSL) participant JinkoSolar that saw Tongwei safeguard extra gigawatts of mono wafers with a supply agreement.

Last month, Tongwei, which has actually forecasted for a six-fold rise in net profit in Q1 2022, reported that its revenue had actually enhanced by more than 50% in 2021 whilst suggesting that tight product supply meant that high rates were right here to stay in the short-term.

Elsewhere, PV Tech's head of marketing research Finlay Colville has actually mused that Tongwei might come to be the industry's leading PV module distributor by 2025 if it seeks a vertically-integrated product technique that would certainly see it become the market's initial polysilicon-to-module production entity.