Shanghai Tianchen Co., Ltd., a Chinese investment holding company, has announced plans to construct a solar cell and storage system manufacturing facility in the Fanchang Economic Development Zone in Wuhu City, located in the southeastern Anhui Province of China. The company has signed an agreement with the local government for this project, which will require an investment of CNY 11.6 billion ($1.67 billion).
The factory will have a total capacity of 20 GW for solar cells and 20 GW for battery storage systems annually. However, initially, the cell capacity will be 5 GW and storage system capacity will be 6 GW. The company did not provide any further details about the investment or construction timeline.
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This new project follows a joint venture agreement signed between Shanghai Tianchen and Chinese module maker, Huasun in February 2022. The two companies aimed to develop heterojunction solar modules, with Shanghai Tianchen securing an 80% stake in the new company and Huasun holding the remaining share.
Huasun has already begun producing panels at its HJT solar cell factory in Xuancheng, located in Anhui Province. The factory will have an annual capacity of 2.4 GW and will exclusively manufacture bifacial 182 mm HJT cells based on a cell technology with a power conversion efficiency of 25.26%.
The new solar cell and storage system manufacturing facility will provide an impetus for clean energy development in China and contribute to the country's efforts to achieve carbon neutrality by 2060. It will also create job opportunities and boost the local economy in Wuhu City.
