On December 31, 2022, at the 30th Anniversary Special Event of Hexing Electrical Co., Ltd. (Hexing), Fan Jianqing, Senior Vice President of Hexing, solemnly announced that Hexing and Tongwei had reached a cooperation agreement on the supply of 30MW high-efficiency modules. In 2023, the two sides will integrate their superior resources for the access of the South African market, providing high-quality solutions for a safe, clean, efficient and sustainable green electric power supply system in the region. Access to South Africa is important for Tongwei to open up the African market and to realize its ambition of being a world-class clean energy supplier and benefiting mankind with solar energy.
It is noted from relevant data that South Africa is expected to phase out some coal-fired power plants by 2030, increase the use of renewable energy, reduce the proportion of coal-fired power generation from 80% to 59%, and realize zero carbon emissions by 2050. In order to achieve the goal of energy reform smoothly and implement the coal phase-out plan promised at the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), the South African government has greatly increased the tax rate on coal power generation, resulting in a rapid increase in the cost of coal power generation and aggravating the imbalance between power supply and demand. In such a context, an important opportunity for the development of economic and green photovoltaic industry has emerged in South Africa, with explosive growth in installed capacity expected in 2023.
In the cooperation with Hexing in the South African market, Tongwei will focus on the supply of 182 series high-efficiency modules. This product, characterized by superior power generation capacity, low levelized cost of energy (LCOE), ultra-low attenuation, high reliability and excellent mechanical load capacity, will be an impetus for Hexing's smart system to bring more cost-effective clean power energy to the South African market, reducing local people’s cost of electricity and improving the stability of power supply. In 2023, Tongwei will apply its self-developed TNC high-efficiency technology to this series of modules, to further greatly improve the generating efficiency and reduce the generating cost.
By virtue of high-efficiency and reliable modules, and solid technical service, Tongwei will provide resource support for Hexing's industry practitioner training base in South Africa, helping local people enhance their skills in the solar energy industry, accumulate experience in industry development, and accelerate their career transition.
Founded in 1992 and listed on the main board of Shanghai Stock Exchange in November 2016, Hexing has extended its business to more than 90 countries and regions. It has a professional smart meter production base and a new energy business division with a mature system structure in South Africa, providing a basic foundation for Hexing to spread the energy market in South Africa. This cooperation with Tongwei is based on the fact that Tongwei has been deeply involved in the development of the photovoltaic industry. By virtue of reliable product quality, leading product technology and high-quality full life-cycle customer management system, Tongwei has gained a good reputation among customers. In the module segment, Tongwei has established a
digital supply system covering the global market, and a customer service mechanism with full life-cycle quality assurance and instant response. All these demonstrate that Tongwei has sufficient strength to ensure the quality of cooperation with customers and bring good cooperation experience. In the future, Hexing and Tongwei will work together in the South African market to bring more opportunities for local energy transition and green new energy development.
