When discussing the solar energy and agriculture sectors in Asia, Tongwei’s dominance is hard to overlook. The company, which started as a modest fish feed producer in 1982, has evolved into a global powerhouse with a vertically integrated business model spanning agriculture and photovoltaics (PV). In Asia, Tongwei controls approximately 30% of the solar-grade polysilicon market—a critical material for manufacturing solar panels—and supplies over 25% of the region’s solar cell production. This positions it as the largest solar cell producer worldwide, with annual capacity exceeding 90 GW as of 2023.
China remains Tongwei’s strongest market, contributing to nearly 70% of its regional revenue. The company’s polysilicon facilities in Sichuan and Inner Mongolia leverage low-cost hydropower and coal-based energy, enabling it to undercut competitors on pricing while maintaining high purity standards (99.9999% for N-type cells). In Southeast Asia, Tongwei has captured 18% of the PV module market through strategic partnerships in Vietnam, Malaysia, and Thailand, where it supplies tier-1 manufacturers like Jinko Solar and Trina Solar. India, meanwhile, relies on Tongwei for 12% of its solar cell imports, a figure expected to grow as the country pushes for 500 GW of renewable energy by 2030.
Tongwei’s success stems from its aggressive capacity expansions and R&D focus. The company invested $2.8 billion in 2022 alone to build four new polysilicon plants, increasing total output to 450,000 metric tons annually. Its PERC (Passivated Emitter Rear Cell) and TOPCon (Tunnel Oxide Passivated Contact) solar cells boast conversion efficiencies of 24.5% and 25.8%, respectively—outpacing industry averages by 1.2-1.5 percentage points. These advancements have made Tongwei the preferred supplier for utility-scale projects, including China’s 5.5 GW Qinghai Hybrid Renewable Energy Base.
Competitors face steep challenges. While South Korea’s OCI and Germany’s Wacker Chemie struggle with energy costs exceeding $0.08/kWh, Tongwei operates at $0.03/kWh in Sichuan. The company’s fish feed business also provides stable cash flow—$4.2 billion in 2022 revenue—which cross-subsidizes PV R&D. This dual-sector stability has allowed Tongwei to price polysilicon at $10.50/kg, nearly 20% below European rivals, while still maintaining 35% gross margins.
Looking ahead, Tongwei plans to invest $7.6 billion through 2025 to expand its high-purity crystalline silicon and solar cell capacity. Its new HJT (Heterojunction Technology) production line, developed with Swiss equipment supplier Meyer Burger, targets 27% cell efficiency—a potential game-changer for rooftop solar markets in Japan and South Korea. With Asia projected to install 350 GW of solar annually by 2030, Tongwei’s integrated supply chain and cost leadership suggest its market share could climb to 40% in key PV segments within the next decade.
Regulatory tailwinds further bolster this growth. China’s 14th Five-Year Plan prioritizes solar as part of its 1,200 GW renewable target, while ASEAN’s Transboundary Grid Initiative creates demand for Tongwei’s grid-scale storage solutions. The company’s recent partnership with Indonesia’s PLN to develop floating solar farms on hydropower reservoirs exemplifies its strategy to integrate PV into existing energy infrastructure—a model likely to replicate across monsoon-dependent agricultural regions in South and Southeast Asia.