TCL Zhonghuan has entered exclusive talks to acquire a controlling stake in module manufacturer DAS Solar. This marks one of the most significant consolidation moves in China’s photovoltaic manufacturing sector as the industry faces continued financial pressure and overcapacity.
TCL Zhonghuan has signed a framework agreement to acquire Chinese module manufacturer DAS Solar.
The proposed transaction would involve a combination of existing share transfers, a voting rights allocation arrangement and a subsequent capital increase, giving TCL Zhonghuan effective control of the company.
The parties have agreed to a 90-day exclusivity period to negotiate final terms, including valuation and ownership structure. TCL Zhonghuan said the agreement is non-binding and subject to due diligence, regulatory approvals and the signing of final contracts.
This move underlines TCL Zhonghuan’s efforts to expand further downstream in the PV value chain. Although the company is one of the world’s largest suppliers of large format silicon wafers, its exposure to cell and module manufacturing remains limited compared to fully integrated rivals such as Longi, JinkoSolar, Trina Solar and JA Solar.
TCL Zhonghuan is also under financial pressure. It reported a substantial net loss in 2024 and warned that losses are likely to continue into 2025, citing weak module prices, inventory write-downs and margin pressure in the upstream wafer segment. The company has said it is prioritizing optimizing existing capacity rather than building new production lines.
TCL Zhonghuan also said the proposed transaction would enable both companies to optimize existing capacity and improve coordination across the value chain, without disclosing specific operational objectives or integration plans. It also mentioned potential technology collaboration, particularly around back-contact (BC) cell architectures, an area in which its overseas subsidiary Maxeon holds a significant patent portfolio.
Founded in 2018, DAS Solar has quickly become a leading module supplier in the Chinese domestic market, with a focus on n-type cell and module technologies. The company said in July 2025 that it had reached an annual production capacity of 40 GW for both solar cells and modules and was active in delivering utility-scale projects supported by state energy developers.
However, DAS Solar’s access to capital has narrowed since its IPO application was withdrawn in 2024, amid a broader slowdown in Chinese stock markets and increased scrutiny of new PV listings.
In April, DAS Solar also announced plans to build a 3 GW solar panel assembly plant in Mandeure, a commune in the Doubs department in the Bourgogne-Franche-Comté region in eastern France.
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