On 11 October 2023, TCL Zhonghuan Renewable Energy Technology Co., Ltd. (SZ：002129), a prominent distributor and manufacturer of discrete semiconductor devices, announced its intention to issue 13.8 billion yuan of convertible bonds to unspecified entities. The funds will be used for the construction and development of silicon wafer and solar cell production facilities, after deducting issuance costs.

According to the announcement, 3.5 billion yuan of the funds raised will be used to build an intelligent factory with a production capacity of 35GW of high-purity, ultra-thin mono-crystalline silicon wafers, which will mainly be the large-size G12 wafers, with a total investment of 3.65005 billion yuan. Meanwhile, 10.3 billion yuan of the raised funds will be used for the construction of 4.0 smart factory to generate 25GW of high-efficiency n-type TOPCon solar cell, with a total investment of 10.66504 billion yuan. The new n-type TOPCon cell will be for internal use in the production of module products and will not be available to the public.

TCL Zhonghuan said the fundraising and project expansion will support its core business and is in line with China’s PV industrial policy and the company’s overall business development strategy. The 35GW smart wafer factory is expected to expand the production capacity and scale of operation of G12 products, enhance TCL Zhonghuan’s competitiveness and maintain its leading position in the renewable energy industry as a top global supplier of clean energy-related products. And the 4.0 intelligent factory will further promote TCL Zhonghuan’s in-depth development with G12 + shingled module technologies, which will be positive for TCL Zhonghuan’s performance in the long run.

（Picture: Veer）