HY Solar plans 16GW TOPCon cell project in Inner Mongolia

By Carrie Xiao
Facebook
Twitter
LinkedIn
Reddit
Email
HY Solar exhibited its TOPCon modules at the recent World Future Energy Summit and Exhibition. Image: PV Tech

Chinese PV manufacturer HY Solar is to invest RMB5.5 billion (US$760 million) to build a 16GW PV cell production project in Baotou City, Inner Mongolia.

The project is divided into two phases. The first phase involves constructing a 10GW PV cell line, which is expected to be operational by 2025, followed by a second 6GW phase. The total investment is estimated to be RMB5.5 billion yuan, of which approximately RMB3.6 billion will be invested in the first phase and RMB1.9 billion in the second.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

HY Solar said the cell technology route for this investment is tunnel oxide passivated contact (TOPCon), the leading technology in the solar sector. However, if the mainstream market route changes in the future, there may be a risk that the project will be delayed due to such changes.

HY Solar currently has six core bases in Wuxi, Xuzhou, Jiangyin, the Qingshan District of Baotou, the Guyang District of Baotou and Chuzhou, with business covering the entire n-type TOPCon industrial chain, including high-end equipment manufacturing, industrial silicon and crystalline silicon, monocrystalline wafers, n-type cells and modules.

Accelerating n-type production

With the advancing of its industrial chain integration, HY Solar launched a number of projects in 2023. The company announced its first TOPCon cell at last year’s SNEC event, and its first TOPCon high-efficiency cell rolled off the assembly line in June. Its first n-type TOPCon PV module followed in August, and the first phase of the company’s high-purity crystalline silicon project was put into operation in the same month.

HY Solar said that this ensures the stable, reliable and efficient linkage of the whole process, so that “high-efficiency PV” can run through every link of product manufacturing.

HY Solar began investing in monocrystalline capacity building in Baotou in 2019. The company now has a complete silicon rod production line and supporting slicing capacity there, which helps provide raw materials for the current cell projects, helping to shorten the procurement cycle and reduce transportation costs.

Alongside the investment announcement, HY Solar also released its annual report for 2023. Last year, the company achieved operating income of RMB11.859 billion, a year-on-year decrease of 45.87%; attributable net profit of RMB741 million, a year-on-year decrease of 75.58%; and non-attributable net profit of RMB568 million, a year-on-year decrease of 77.68%.

The quarterly figures showed that HY Solar was profitable in the first three quarters of last year. However, in the fourth quarter, the company’s revenue dropped to RMB2.28 billion, with a net loss of RMB578 million.

In terms of revenue structure, in 2023, HY Solar’s wafer and silicon rod business achieved revenue of RMB10.73 billion, its PV module and cell business achieved revenue of RMB867 million and high-purity crystalline silicon and chemical business achieved revenue of RMB26.05 million. Wafers contributed 90% of the revenue in the period, but the revenue of the business fell by more than 50% year-on-year.

HY Solar said that, facing a market environment with both opportunities and challenges, it is closely following the industry development and is committed to the “n-type PV vertical integration” strategy for the entire industry chain. By consolidating its original silicon material and wafer businesses, the company said it had successfully completed the mass production of n-type cells and modules.

21 May 2024
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 21-22 May 2024, will be our third PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2025 and beyond.
30 May 2024
11am (CEST)
Astronergy has introduced its latest module product series, ASTRO N7 and ASTRO N7s, both of which utilise rectangular wafers. ASTRO N7, based on the 210mm*182mm wafer, is specifically tailored for utility-scale systems. It features dimensions of 2382mm*1134mm and a 66-cell layout design that effectively lowers Voc and increases string size. This design feature significantly reduces tracker and cable costs, leading to a reduction in LCOE by 0.44% to 4.37% compared to 182mm-wafer TOPCon modules. Furthermore, ASTRO N7 incorporates advanced cell and module technologies such as laser-induced firing, super multi-busbar, light-redirecting film, and double-layer coating glass to enhance module power output and reliability. Join us to explore the latest advances in module technology and how they can improve module performance and learn about the economic advantage of rectangular-wafer modules and their benefits at a system level.
8 October 2024
San Francisco Bay Area, USA
PV Tech has been running an annual PV CellTech Conference since 2016. PV CellTech USA, on 8-9 October 2024 is our second PV CellTech conference dedicated to the U.S. manufacturing sector. The event in 2023 was a sell out success and 2024 will once again gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing in the U.S. out to 2030 and beyond.
26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
11 March 2025
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 21, 2024
Napa, USA
Solar Media Events
May 21, 2024
Sydney, Australia
Solar Media Events
May 22, 2024
London, UK
Upcoming Webinars
May 29, 2024
11am (EDT) / 5pm (CEST)