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Tongwei’s big move: Three-year target of 100 GW

On February 11th, China's listed PV company Tongwei Co., Ltd. issued two announcements: 2020-2023 Development Plan for High-purity Crystalline Silicon and Solar Cell Business and Announcement on the Investment and Building of High-efficient Solar Cell and Supporting Project with Annual Capacity of 30 GW, making a splash in the industry.

In the announcement about mid-term development plan, Tongwei makes it clear that the accumulated production capacity targets of high-purity crystalline silicon businesses should be 80,000 t in 2020, 115,000-150,000 t in 2021, 150,000-220,000 t in 2022 and 220,000-290,000 t in 2023. The mono-crystalline materials should account for above 85%, and N-type materials should account for 40%-80%; production cost and cash cost should be 30,000-40,000 yuan/t and 20,000-30,000 yuan/t respective, with a sharp decrease in production capacity cost.

In addition, the accumulated production capacity targets for the solar cell business should be as follows: 30 GW-40 GW in 2020, 40 GW-60 GW in 2021, 60 GW-80 GW in 2022, and 80 GW-100 GW in 2023. The strategy layout should focus on Perc+, Topcon, HJT and other new products, which should be compatible with all specifications of Series 210 and below. Non-silicon cost for Perc should be lower than 0.18 yuan/w.

According to the second announcement, Tongwei Co., Ltd. and its subsidiary Tongwei Solar Co., Ltd. plan to sign the Investment Agreement for PV Industry Base with the People's Government of Jintang County of Chengdu City to build a high-efficient solar cell and supporting project with annual capacity of 30 GW in Jintang County in Chengdu City. The project will be implemented by stages with a total investment of 20 billion yuan according to estimation. Phase I 7.5 GW Project is to be launched before March of this year, which will be completed and put into operation within 2021. Subsequent projects will be gradually completed and put into operation in the future 3-5 years based on market demands.

Estimated based on the current price of mainstream cells in the market, the 30 GW high-efficient solar cell project will add an operating income of 30 billion yuan/year to the Company after it is completed and put into operation.