TCL Zhonghuan has entered exclusive talks to acquire a controlling stake in module manufacturer DAS Solar, marking one of the most significant consolidation moves in China’s photovoltaic manufacturing sector as the industry faces continued financial pressure and overcapacity.
Image: DAS Solar
TCL Zhonghuan has signed a framework cooperation agreement to acquire Chinese module maker DAS Solar.
The proposed transaction would involve a combination of existing share transfers, a voting-rights entrustment 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.
The move underscores TCL Zhonghuan’s efforts to expand further downstream in the PV value chain. While 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 with fully integrated rivals such as Longi, JinkoSolar, Trina Solar, and JA Solar.
TCL Zhonghuan has also been under financial strain. It reported a substantial net loss in 2024 and has 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 the optimization of existing capacity rather than building new production lines.
TCL Zhonghuan also said the proposed transaction would allow both companies to optimize existing capacity and improve coordination across the value chain, without disclosing specific operational targets or integration plans. It also cited potential technology collaboration, particularly around back-contact (BC) cell architectures, an area in which its overseas subsidiary Maxeon holds a substantial patent portfolio.
Founded in 2018, DAS Solar has expanded rapidly to become a leading module supplier in China’s domestic market, with a focus on n-type cell and module technologies. The company said in July 2025 that it had reached 40 GW of annual production capacity for both solar cells and modules and has been active in supplying utility-scale projects backed by state-owned power developers.
However, DAS Solar’s access to capital has tightened since its initial public offering application was withdrawn in 2024, amid a broader slowdown in China’s equity markets and increased scrutiny of new PV listings.
In April, DAS Solar also announced plans to build a 3 GW solar module assembly factory in Mandeure, a commune in Doubs department in the Bourgogne-Franche-Comté region of eastern France.
 
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