PVTIME – TCL Zhonghuan Renewable Energy Technology Co. (002129.SZ), a leading manufacturer and distributor of discrete semiconductor devices, announced on 7 April 2023 that it intends to issue convertible bonds to unspecified entities with a total issue amount not exceeding 13.8 billion yuan (inclusive) and a term of six years from the date of issue.

According to the announcement, 3.5 billion yuan of the funds to be raised will be used for the construction of a smart factory mainly producing ultra-thin monocrystalline solar wafers with an annual production capacity of 35GW, and 10.3 billion yuan will be invested in its smart factory 4.0, which aims to produce 25GW of n-type high-efficiency TOPCon solar cells per year.

The first project is planned to be competed within 18 months, while the second one 24 months. This investment is expected to promote the expansion of its production capacity of G12 large-size wafers to meet the future demand for high-quality silicon wafers, TCL Zhonghuan said, and it will also optimise the company’s product structure.