On June 6, Tongwei Group announced that its wholly-owned subsidiary Tongwei Solar intends to sign an investment cooperation agreement with the government of Shuangliu District of Chengdu. Under the agreement, Tongwei Solar would set up a local project with 25GW per year of production capacity for PV cells and 20GW per year of production capacity for PV modules. The total investment in the project is estimated to reach RMB 10.5 billion. Chengdu is the capital of China’s Sichuan Province. This news was first picked up by other Chinese renewable energy news outlets.
Tongwei plans to implement the project in two phases. The first phase would establish cell production and entail a fixed asset investment of RMB 7.5 billion, whereas the second phase would establish module production and entail a fixed asset investment of RMB 3 billion. The first phase is scheduled for completion and operation in 2024, and the second phase is scheduled for completion and operation in 2025.
Tongwei Group in its announcement said the company is adapting to the development trends of the PV industry as governments around the world pursue carbon neutrality. Tongwei Group will continue to its leading position in the industry and its advantage with respect to the overall competitiveness. Regarding vertical integration, Tongwei Group will continue to strengthen its production capabilities in the core sections of high-purity polysilicon, high-efficiency cells, and modules. It will continue to provide industry partners and end-users with products that offer a better cost-performance ratio. In sum, this latest move aligns with the company’s vision of being a world-class clean energy company.