Trina Solar Becomes 20% Shareholder of Inner Mongolia Tongwei

PVTIME – On June 21, Inner Mongolia Tongwei High Purity Silicon Co., Ltd. (hereafter referred to as Inner Mongolia Tongwei) announced that Trina Solar Co., Ltd. has effectively become a shareholder through the purchasing of a 20% equity stake for 560 million yuan.

In November 2020, Tongwei issued a notice on the joint investment projects in the photovoltaic industry chain with Trina Solar. The two sides proposed to jointly establish four project companies – an annual 40000MT high purity silicon production project, a 15GW rod pulling project, a 15GW wafer slicing project, and a 15GW high-efficiency silicon cell production project.  The projects are expected to be put into operation from the second half of this year to 2022. The investment total of the above projects is estimated to be 15 billion yuan.

Tongwei expressed that the strategic cooperation relationship with Trina Solar is conducive to the stable production and marketing of photovoltaic products for both companies’ business development plans.

Inner Mongolia Tongwei, which Trina Solar became a shareholder of this time, is one of the aforementioned project companies. Founded in 2017, Inner Mongolia Tongwei is the implementation project company of Tongwei’s 25000MT high purity silicon project. The total investment of the high purity silicon project is 3.23 billion yuan, including 3.1 billion yuan for construction and 128.6 million yuan in working capital.

According to Tongwei, Inner Mongolia Tongwei will achieve an operating income of RMB 2.22 billion and a net profit of RMB 495 million in 2020.