Tongwei’s Cumulative Expansion Investments Reach 30 Billion Yuan on the Year With Latest Announcement

PVTIME – On the evening of April 20, Tongwei Co., Ltd. released a statement announcing its intent to further expand production capacity.

This time, the company will raise no more than 6 billion yuan for the construction of high-efficiency solar cell manufacturing projects including Meishan Phase II and Jintang Phase I (7.5GW annual production capacity). The implementation of these projects will enhance and further solidify the company’s leading position in the global solar cell manufacturing sector.

With this announcement, Tongwei’s cumulative expansion investment total planned for 2020 has reached a historic 30 billion yuan. Prior to the announcement, the company had already issued statements regarding its plans of investing 20 billion yuan into solar cell manufacturing projects and another 4 billion yuan into high-purity crystalline silicon projects.

Presently, with an annual solar cell manufacturing capacity of 20GW, Tongwei has become the largest manufacturer of solar cells in the world. Moreover, according to long term plans, the company expects capacity to reach 80-100 GW by 2023.

The 6 billion yuan raised this time will be invested into the construction of the Meishan Phase II and JIntang Phase I projects, and the proposed investments are 2 billion and 2.2 billion yuan respectively with the remaining going towards the supplement of working capital.

Both of the aforementioned projects will be adopting the 210mm large size PERC solar cell production route, and the construction of these projects will be carried out Tongwei and an unnamed newly established subsidiary. Estimated construction period for these projects is 1 year, and production capacity will reach 90% in the first year, and 100% in the subsequent years.