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					</table><p>TCL Zhonghuan Renewable Energy Technology (TCL Zhonghuan), a Chinese solar wafer manufacturer, has completed its controlling acquisition of DAS Solar Technology (<a href="https://www.das-solar.com/en" target="_blank" rel="noopener">DAS Solar</a>), a manufacturer of solar cells and modules.</p>
<p>The transaction was completed through an equity purchase, capital increase, and the acceptance of entrusted voting rights. TCL Zhonghuan&#8217;s board approved the investment on March 30, 2026.</p>
<p>Beginning in the third quarter of 2026, DAS Solar will be included in TCL Zhonghuan&#8217;s consolidated financial statements, subject to final confirmation by the company&#8217;s annual audit accountant.</p>
<p>The acquisition is said to support its strategy to expand into the solar cell and module segments while strengthening vertical integration across the photovoltaic manufacturing value chain. The company said the transaction adds 20 GW of solar cell and 50 GW of solar module manufacturing capacity, expanding and integrating its manufacturing chain across wafers, cells, and modules.</p>
<p>Wang Cheng, CEO of TCL Technology Group, noted, &#8220;The integration brings together the complementary strengths of both companies, enabling greater value creation through full value chain collaboration. By accelerating the development of competitive end-market products and leveraging TCL&#8217;s global resources, the combined company is well positioned to strengthen its international market presence, transform technological leadership into commercial success, and further enhance its global competitiveness.&#8221;</p>
<p>The company said it plans to combine its back-contact (BC) solar cell patent portfolio with DAS Solar&#8217;s manufacturing processes and production capacity to accelerate upgrades to BC cell and module manufacturing. The company also said it intends to accelerate the commercialization of BC products by integrating BC intellectual property, manufacturing processes, and module production capabilities across the value chain. According to the company, it is expanding BC production capacity and positioning BC technology as the foundation of its module business.</p>
<p>The company also said it plans to accelerate the deployment of next-generation high-efficiency module products.</p>
<p>According to Mercom&#8217;s recently released Q1 2026 Solar Funding and M&amp;A <a href="https://mercomcapital.com/product/q1-2026-solar-funding-ma-report/" target="_blank" rel="noopener">report</a>, Corporate M&amp;A activity in the solar sector was 47% higher YoY, with 28 transactions compared to 19 in Q1 2025.</p>
<p>Previously, in May 2026, Skycorp Solar Group, a manufacturer of solar cables and solar connectors, signed a share <a href="https://mercomcapital.com/skycorp-solar-acquire-remaining-56-stake-nanjing-cesun-power/" target="_blank" rel="noopener">acquisition</a> agreement to acquire the remaining 56% equity interest in Nanjing Cesun Power, a provider of turnkey solar project services.</p>


Solar Wafer Manufacturer TCL Zhonghuan Acquires DAS Solar


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					</table><p><a href="https://www.mercomindia.com/railways-695-mw-rtc-renewable-power" target="_blank" rel="noopener"><strong>REMC Limited has invited bids to procure 695 MW of round-the-clock power from grid-connected renewable energy projects with or without storage to operate in tandem</strong></a> with existing 500 MW Ircon Renewable Power (IRPL) and 195 MW Rewa Ultra Mega Solar (RUMSL) solar projects. The proposed RTC power supply will include the existing supply from the IRPL and RUMSL solar projects. The selected project developer will only supply power for the time blocks where power is not available from these existing projects and fulfill the annual and time block availability. Bidders must submit separate bids for the two tandem projects.</p>
<p><a href="https://www.mercomindia.com/merc-directs-guarantees-developers-to-be-released" target="_blank" rel="noopener"><strong>The Maharashtra Electricity Regulatory Commission has directed the Maharashtra State Electricity Distribution Company to release the performance bank guarantees of solar developers</strong></a> ACME Sikar Solar and ReNew Dinkar Urja upon the termination of their power purchase agreements (PPA), failing the power evacuation set up by the state entities. The Commission held that the inability of the transmission company to ensure power evacuation constituted a force majeure event under the PPAs. As the force majeure had continued beyond 180 days, it ruled that the solar developers had validly terminated the PPAs.</p>
<p><a href="https://www.mercomindia.com/maharashtra-bids-procure-130-mw-solar-power" target="_blank" rel="noopener"><strong>MSEB Solar Agro Power, a wholly-owned subsidiary of Maharashtra Electricity Board MSEB Holding Company, has invited bids to procure 130 MW solar power for feeder-level solarization</strong></a> under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program. The projects will be developed under the state’s Mukhyamantri Saur Khushi Vahini program. The last date to submit the bids is February 27, 2024. Bids will be opened on the same day. Bidders must pay a refundable processing fee of ₹2,500 (~$30.09) and a document fee of ₹25,000 (~$301).</p>
<p><a href="https://www.mercomindia.com/uttar-pradesh-metro-rooftop-solar" target="_blank" rel="noopener"><strong>Uttar Pradesh Metro Rail Corporation has invited bids to install and commission 1 MW of rooftop solar power projects on stations and PAC depot of the Agra Metro Project</strong></a> under the renewable energy service company model. The selected installers must oversee the project’s comprehensive operation and maintenance for 25 years. The work must be completed within six months of receiving the letter of award. The project’s estimated cost is ₹35.8 million (~$431,368). The last day to submit the bids is February 20, 2024. Bids will be opened the next day.</p>
<p><a href="https://www.mercomindia.com/railway-1-mw-rooftop-solar-assam" target="_blank" rel="noopener"><strong>Rangiya Division of Northeast Frontier Railway has invited bids for state-wise empanelment of agencies to implement grid-connected rooftop solar power projects</strong></a> of a cumulative capacity of 1 MW at its carriage and wagon workshop in New Bongaigaon in Assam. The projects will be executed on a public-private partnership and a design, build, finance, operate, and transfer basis. The projects would be developed in two capacity ranges— (i) above 10 kW and up to 100 kW, and (ii) above 100 kW and up to 500 kW. Bidders can quote for one or both capacity categories.</p>
<p><a href="https://www.mercomindia.com/mseb-subsidiary-floats-of-solar-power-under-kusum" target="_blank" rel="noopener"><strong>MSEB Solar Agro Power, a wholly owned subsidiary of Maharashtra State Electricity Board MSEB Holding Company, has invited bids to procure 133 MW of solar power</strong></a> for feeder-level solarization under Component C of Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan program, in Latur. The projects will be developed under Phase 2 of the Mukhyamantri Saur Krushi Vahini Yojana program. The last day to submit the bids is February 27, 2024. Bids will be opened on the same day.</p>
<p><a href="https://www.mercomindia.com/ev-logistics-evify-raises-1-3-million" target="_blank" rel="noopener"><strong>Gujarat-based electric-vehicle (EV) logistics startup EVIFY has raised $1.3 million in a pre-series A round to finance its operational expansion across Gujarat and product innovation.</strong></a> The funding was led by venture capital firms GVFL and Piper Serica Angel Fund and saw participation from existing investors We Founder Circle and IVY Growth and a few angel investors. The company aims to grow its existing fleet from 400 operational in Surat and Ahmedabad to 4,000 electric bikes by March 2025.</p>
<p><a href="https://www.mercomindia.com/ayodhya-solar-initiatives" target="_blank" rel="noopener"><strong>The temple town of Ayodhya in Uttar Pradesh is set to go green in a big way, with a 40 MW solar power project likely to become fully operational by March 2024</strong></a> and a string of other solar initiatives spearheaded by the Uttar Pradesh New and Renewable Energy Department. The project is being developed by NTPC Green Energy, a wholly-owned subsidiary of NTPC, on 165 acres of land. “We are ready to commission a 15 MW capacity now,” Ratan Singh, Project Head and Additional General Manager of NTPC Green Energy, told Mercom. The part commissioning will be done in the next few days.</p>
<p><a href="https://www.mercomindia.com/china-based-das-million-via-initial-public-offering" target="_blank" rel="noopener"><strong>China-based photovoltaic module manufacturer DAS Solar plans to raise up to RMB 2.5 billion (~$350 million) by issuing up to 58,789,573 shares through an initial public offering</strong></a> at RMB 1 (~$0.140) per share. The proportion of total equity after the offering is not expected to be less than 10%. According to the released prospectus accepted by the Shenzhen Stock Exchange, DAS Solar is set to invest approximately RMB 5.813 billion ($811.18 million) in proposed projects. The cornerstone of these initiatives involves the construction of a 14 GW N-type TOPCon high-efficiency monocrystalline solar cell manufacturing facility.</p>
<p><a href="https://www.mercomindia.com/researchers-enhance-aqueous-zinc-batteries" target="_blank" rel="noopener"><strong>Researchers at the University of New South Wales and the National University of Singapore have developed a scalable solution to overcome the rechargeability challenges</strong></a> of aqueous rechargeable zinc battery technology. The new method is expected to solve a significant problem with the aqueous rechargeable zinc battery technology, which is the ability to recharge, which has so far proven to be limited due to the amount of corrosion suffered by the battery’s zinc metal electrode.</p>


Daily News Wrap-Up: Railways’ Tender to Procure 695 MW RTC Renewable Power


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					</table><p>China-based photovoltaic module manufacturer <a href="https://www.das-solar.com/en" target="_blank" rel="noopener">DAS Solar</a> plans to raise up to RMB 2.5 billion (~$350 million) by issuing up to 58,789,573 shares through an initial public offering (IPO) at RMB 1 (~$0.140) per share.</p>
<p>The proportion of total equity after the offering is not expected to be less than 10%.</p>
<p>According to the released prospectus accepted by the <a href="https://www.szse.cn/English/" target="_blank" rel="noopener">Shenzhen Stock Exchange</a>, DAS Solar is set to invest approximately RMB 5.813 billion ($811.18 million) in proposed projects. The cornerstone of these initiatives involves the construction of a 14 GW N-type TOPCon high-efficiency monocrystalline solar cell manufacturing facility.</p>
<p>The company also plans to develop a 20 GW high-efficiency monocrystalline solar module manufacturing facility.</p>
<p>A significant portion of the investment, approximately RMB 2.5 billion ($349.65 million), is earmarked for capital injection into these projects.</p>
<p>DAS Solar reported a revenue of RMB736 million ($102.92 million) in 2020, which increased to RMB1.894 billion ($264.58 million) in 2021.</p>
<p>The revenue reached RMB8.606 billion ($1.201 billion). The first half of 2023 saw a continuation of this upward trend, with revenues reaching RMB9.454 billion ($1.319 billion).</p>
<p>In December of 2023, DAS Solar revealed that the open-circuit voltage for its high-efficiency n-type TOPCon cells reached 735 millivolts.</p>
<p>In 2022, JinkoSolar Holding Co’s principal operating subsidiary, Jinko Solar (Jiangxi Jinko), <a href="https://www.mercomindia.com/daily-news-wrap-up-jinko-solar-ipo-shanghai-stock-exchange" target="_blank" rel="noopener">completed</a> its IPO process and started trading on the Shanghai Stock Exchange’s Sci-Tech innovation board. Jiangxi Jinko has issued 2 billion shares, representing approximately 20% of the total 10 billion shares outstanding after the IPO. After the IPO, JinkoSolar owns 58.62% of Jiangxi Jinko.</p>
<p>Recently, the China Securities Regulatory Commission <a href="https://www.mercomindia.com/china-securities-commission-approves-canadian-solars-ipo" target="_blank" rel="noopener">approved</a> the registration of CSI Solar, the engineering, procurement, and construction arm of solar module maker Canadian Solar, to issue an IPO. The company’s CEO Shawn Qu, said CSI expects the completion of the IPO by the second quarter of the current financial year.</p>


China-Based DAS Solar to Raise ~$350 Million via Initial Public Offering

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