TCL TZE has signed a letter of intent to acquire a controlling stake in DAS Solar; agreement to be finalized within 90 days
The deal is expected to strengthen TCL TZE’s vertical integration from wafers to cells and modules, helping align standards and shorten R&D cycles
Post-acquisition, the companies may jointly explore next-generation technologies such as back contact cells and perovskite tandem cells
TCL Zhonghuan Renewable Energy Technology (TCL TZE), the Chinese vertically integrated solar PV manufacturer, has announced plans to acquire a controlling stake in fellow Chinese n-type TOPCon solar cell and module maker, DAS Solar, which is the English brand name of Yidao New Energy. The 2 companies have signed a letter of intent (LOI), which now has 90 days to be finalized.
A leader in G12 n-type wafers, TCL TZE is rapidly developing its solar cell and module manufacturing business. Investment in DAS Solar will expand its vertical integration and align technical standards and processes across the entire material-cell-module value chain. This will significantly shorten R&D cycles for high-efficiency products, explained TCL TZE.
Part of the TCL Technology Group Corporation, TCL TZE called the acquisition a ‘calculated strategic initiative focused on the seamless integration of high-value assets, with the objective of driving operational excellence and enhancing efficiency through technology.’
Once the acquisition is complete, they may plan to establish a joint innovation platform to explore next-generation n-type technologies such as back contact (BC) cells and perovskite tandem cells. DAS Solar is exploring TOPCon back contact (DBC) solar technology (see China Solar PV News Snippets).
TCL TZE will be able to achieve a ‘closed-loop’, using its own production capacity more efficiently and depend less on external suppliers. It will transform from a ‘materials supplier’ to a ‘green energy solutions provider’ as the deal will address its downstream gaps.
At the end of June 2025, its total silicon wafer production capacity had reached 200 GW, while its module capacity stood at 24 GW. TCL TZE management had been open to exploring mergers and acquisitions amid persistent demand fluctuations (see TCL TZE Posts H1 Net Loss Amid Market Headwinds).
The company already owns a majority stake in Singapore-based interdigitated back contact (IBC) solar manufacturing company, Maxeon Solar Technologies. It also owns a 100% stake in Maxeon subsidiary SunPower Philippines Manufacturing Ltd (see TCL TZE & Maxeon Solar Technologies To Collaborate On MAX8 Technology).
This integration will drive industry consolidation, declares TCL TZE in a Chinese stock exchange announcement. As persistent overcapacity weighs on corporate margins, discussions around consolidation in the Chinese PV industry have intensified in recent times, although no significant moves by leading players have been reported so far.
Previously, Tongwei was planning to acquire a majority stake in Runergy but dropped the plans in February 2025, citing disagreement over commercial terms (see Tongwei Terminates Plan To Acquire Chinese Solar Manufacturer Runergy).
