Chinese solar manufacturer Talesun has announced plans to raise up to $226 million to expand PV cell and module production capacity by up to 2 GW, with a focus on heterojunction and TOPCon technologies.
The solar manufacturer will invest up to RMB1.58 billion ($226 million) in 1 GW of HJT cell and module capacity and 1 GW of new TOPCon production lines, including plans to retrofit fabs, according to a statement filed to the Shenzhen Stock Exchange by parent company Zhongli Group.
Over the next two years, Talesun will invest RMB1.2 billion in four new HJT cell and module production lines. The company believes the new production capacity will generate annual revenue of RMB1.6 billion upon completion.
For TOPCon, the company plans to base its expansion plan on the modification of existing lines. It aims to invest RMB375 million to upgrade equipment with the latest TOPCon tech over the next 18 months, Zhongli said.
The parent company plans to raise the funds with a private placement of 262 million shares to no more than 35 shareholders. Talesun vice president Guowen Wang said the business believes in HJT and TOPCon and aims to maintain a leading position by investing in them.
Several Chinese PV module manufacturers are diverging from the focus on PERC technologies being pursued by giant Longi, by focusing on HJT and TOPCon. According to the CITIC Construction Investment Securities unit of the Chinese state-owned CITIC Construction conglomerate, the nation was home to roughly 2 GW of HJT production capacity by the end of last year. That figure is expected to increase to around 5 GW this year.
In December, a unit of Italian utility A2A signed a deal to buy a 1 GW solar development pipeline from Talesun as part of its push to start building subsidy-free solar projects.