Tongwei has achieved a significant milestone by reaching 100GW in solar panel shipments, a feat accomplished in just three and a half years since launching its first module.
Tongwei’s Growth in Solar Module and Global Reach of Tongwei solar shipments
Tongwei Solar launched its module business in May 2020 and has since achieved sales of 100GW, with the latest 50GW shipped in just eight months. The company has significantly expanded its production capacity, reaching 120GW by the first half of 2024. It has also opened seven module bases across China and overseas, with facilities in Indonesia, contributing to Indonesia’s solar power target of 100 GW by 2060, and the United Arab Emirates.
Tongwei Solar released its third-quarter financial results, showing a 3.4% year-on-year increase in operating revenue to CNY 91.7 billion ($12.57 billion). However, its net profit attributable to shareholders dropped by 40.1% year-on-year to CNY 12.5 billion ($1.71 billion). The company’s net profit margin also decreased by 11 percentage points year-on-year, standing at 13.6%.
Despite a challenging market for silicon wafers and cells, Tongwei Solar has maintained strong growth in its module shipments since the second quarter of 2023. In the first three quarters, the company shipped 34GW of modules, representing a year-on-year growth of 209%. Tongwei Solar Lighthouse plants are also achieving impressive global recognition, showcasing their innovative production and efficiency.
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Advancements in Solar Technology for Tongwei solar shipments
Tongwei Solar is advancing its solar technology with plans to produce 10GW of heterojunction (HJT) cells and modules, 20GW of TopCon modules, and 20GW of TOPCon cells. The company is also focusing on upgrading its PERC production lines to TopCon technology.
In the third quarter of 2024, Tongwei Solar achieved a conversion efficiency of 26.5% for its HJT cells, 25.2% for TopCon cells, and 24.4% for PERC cells. The average conversion efficiency for its TopCon cells reached 25.1%.
Expanding Solar Production and Market Share with Tongwei solar shipments
Tongwei Solar is set to further its investment in solar production with plans to build a 25GW module manufacturing base. This new facility will include 5GW of heterojunction solar cells, 5GW of TOPCon cells, 20GW of PERC cells, and 25GW of module capacity. The project is scheduled to begin construction in the first quarter of 2025 and is expected to be completed within 15 months. China’s solar growth continues to surge, reaching 1 TW with a stunning 56.9% increase in 2024.
In 2024, Tongwei Solar is projected to ship between 55GW and 60GW of solar modules, potentially securing the second spot in the global market. The company has also expanded its presence in the United States by opening a new sales office in San Francisco.
