Trina Solar reports that the agreement with Tongwei Co., Ltd. reached a new level with three investments and a long-term framework agreement for procurement collaboration.
Gao Jifan, chairman of Trina Solar, said the two leading companies focused on 210 products and worked together to make the industrial ecosystem 210 stronger and bigger. Joint ventures and the collaboration of strong actors who complement each other have greater advantages than simple vertical integrations.
In terms of investment, Trina Solar signed a “Joint Venture Agreement” with Sichuan Yongxiang Co., Ltd. and Tongwei Solar Co., Ltd. von Tongwei to jointly found a project company and jointly invest in a high-purity crystalline silicon project with an annual output of 40,000 tons, an ingot project with an annual output of 15 GW, a wafer cutting project with an annual output of 15 GW and a highly efficient crystalline silicon cell project with an annual output of 15 GW.
The total investment is around 2.3 billion US dollars. Trina Solar’s ownership interest in each project company is 35% and the total registered capital contribution is $ 32 million.
Wu Qun, secretary of Trina Solar’s board of directors, said these large project investments are part of Trina Solar’s strategic development plan. Trina Solar and Tongwei both have outstanding advantages in their role for the industrial chain. You have reached consensus on 210 series modules, and these collaborations will further strengthen your strategic partnership.
The 210 product industry chain has matured through the joint efforts of all industrial partners, which is now more conducive to deeper integration. Trina Solar plans a photovoltaic module production capacity of at least 50 GW by the end of 2021, most of which will include 210 module production capacities. In the future, the company will continue to strengthen its economies of scale with its advanced production capacity for modules based on large cells.
In terms of procurement, Trina Solar intends to, Tongweis Sichuan Yongxiang Polysilicon Co., Ltd., Sichuan Yongxiang New Energy Co., Ltd., Tongwei Tongwei High Purity Crystal Silicon Co., Ltd. and Yunnan Tongwei High Purity Crystal Silicon Co., Ltd. between January 2021 and December 2023 for a total of around 72,000 tons of polysilicon products.
Ms. Chen Ye, Trina Solar’s vice president of supply chain management for procurement, said, “Trina Solar and Tongwei have a good relationship, and Trina Solar is very excited to deepen cooperation with their strategic partners. This long-term procurement will be a timely one and timely procurement enable effective responses to market changes that ensure strong and long-term stability of the company’s supply chain.
“On the 2nd of this month, we signed a 20 GW silicon wafer procurement contract with Wuxi Shangji Automation Co., Ltd. On the 15th, we signed an 85 million square meter photovoltaic glass procurement contract with Changzhou Almaden Co., Ltd. Signed The temporary procurement will strongly support the production capacity of the ultra-high performance modules of the Vertex 210 series. “
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