TCL Zhonghuan has agreed to take majority control of Chinese solar manufacturer DAS Solar, a producer of advanced n-type modules based on tunnel oxide passivated contact (TOPCon) and back-contact (BC) technologies.

TCL Zhonghuan has signed a definitive agreement to acquire control of DAS Solar through a combination of share transfers, capital injection, and voting rights delegation, in one of the most closely watched solar sector consolidation deals of 2026.

The Shenzhen-listed company, a unit of TCL Technology, said on March 30 that it had finalized transaction documents after securing a 90-day exclusive negotiation window under a framework agreement signed Jan. 16.

Under the terms of the deal, TCL Zhonghuan will pay CNY 1.258 billion ($182.7 million) in cash. This includes CNY 258 million to acquire 8.06% of DAS Solar’s pre-money equity from 50 existing shareholders, and CNY 1 billion in new capital, giving it 55.56% of post-money equity. The transaction implies a pre-investment valuation of CNY 800 million, roughly 10% of the company’s peak valuation. TCL Zhonghuan will also receive voting rights over an additional 7.20% of shares from founder Liu Yong and affiliated partnerships.

Following completion, TCL Zhonghuan will hold 59.14% of DAS Solar and control 66.34% of voting rights. DAS Solar will become a consolidated subsidiary.

The deal has been approved by TCL Zhonghuan’s board and does not require shareholder approval, according to the company. Remaining steps include state asset approvals, antitrust filing, and final closing.

Founded in 2018, DAS Solar has built significant capacity in n-type technologies. By the end of 2025, it had more than 50 GW of cell capacity and more than 70 GW of module capacity, with a strong presence in n-type TOPCon and BC module bidding in recent years.

However, the company faces financial pressure. As of the end of 2025, DAS Solar reported liabilities of CNY 14.189 billion and negative net assets of CNY 1.292 billion.

The acquisition would extend TCL Zhonghuan downstream from wafers into cells and modules, strengthening vertical integration. The company, via subsidiary Maxeon, holds BC-related intellectual property, while DAS Solar contributes manufacturing capacity. The combination could accelerate BC commercialization, according to the announcement.

Industry views are mixed. Supporters see a low-cost acquisition of a strategic asset at a depressed valuation and a signal of broader industry consolidation. Risks include near-term earnings pressure from DAS Solar’s losses, potential goodwill impairment, and integration challenges across operations, talent, and customers.

Chinese wafer producer TCL Zhonghuan is planning to take a controlling stake in cell and module manufacturer DAS Solar to strengthen its vertical integration.