Trina Solar has announced that it has agreed to form a joint venture with Sichuan Yongxiang Company Limited, a subsidiary of the Tongwei group, to upgrade their 210 industrial series solar modules. The move is expected to create a stronger supply chain in the future. As per the agreement, the two module manufacturers will jointly work on key project areas. The first is a high-purity crystalline silicon project which is expected to have an annual output of 40,000 tons.
Additionally, the joint venture will develop an ingot project, a wafer cutting project and, high-efficiency crystalline silicon cell project, all with an annual output of 15 GW each. The deal will also see Trina Solar purchasing 72,000 tonnes of polysilicon products between January 2021 and December 2023. The total investment in the new joint venture is to the tune of $2.3 billion with Trina Solar acquiring a shareholding ratio of 35 per cent. Further, the total registered capital is set at $32 million.
Trina Solar is a global PV and smart energy total solution provider. The manufacturer aims to achieve 21 GW of production capacity for the 210 series products by 2021 and 31 GW by 2022. The current announcement follows a series of deals that Trina solar has made in the last month. In November 2020, the China-based company signed a 20 GW silicon wafer procurement contract with Wuxi Shangji Automation Company and an 85 million square meter PV glass procurement contract with Changzhou Almaden.