[SMM PV Flash] T1 Energy Signs More Than 1.58 GW of TOPCon Module Supply Agreements

[SMM Analysis: November PV Glass Quotes Rise Across the Board, but Module Resistance Hinders Transaction Transmission] Since late October, PV glass prices have resumed their upward trend, driven by cost support and supply contraction. The average prices of mainstream 3.2mm and 2.0mm double-layer coated glass have cumulatively risen by approximately 4% and 8%, respectively, compared with early September, with the gains concentrated in the week from late October to early November. November quotes for new orders have generally moved higher, but module manufacturers are strongly resisting and pushing for lower prices, and actual transactions have yet to fully catch up. Continued inventory destocking, ongoing production cuts and shutdowns on the supply side, and stronger fuel costs together form a floor for prices, but weak module scheduled production has hindered the transmission of price increases to end-users. Overall, November glass prices are expected to consolidate at elevated levels with a firm bias—more likely to rise than fall—but with limited upside.

Egypt's National Council for Green Hydrogen, chaired by Prime Minister Mostafa Madbouly, approved a land allocation request from developer Acure covering about 12 square kilometres at West Zafarana for a 600 MW solar plant that will power the first phase of its green ammonia project, which has an initial capacity of 100,000 tonnes per year. The same meeting approved a one-year extension of Egypt's memorandum of understanding with Saudi developer ACWA Power for a green hydrogen project designed to produce 66,000 tonnes of hydrogen and 500,000 tonnes of ammonia annually. Both decisions sit at the land and cooperation-framework stage; neither project has reached financial close or construction, and power purchase and grid arrangements, environmental permits and final investment decisions remain outstanding.

Chinese cell maker Yingfa Ruineng has established its first overseas plant in Indonesia through subsidiary BCI, with 7.5 GW of annual TOPCon cell capacity, unveiled in detail at a technology launch event in Jakarta and positioned as a regional supply hub for Southeast Asia, the Middle East and other international markets. The company now operates manufacturing bases in Tianchang, Yibin and Mianyang in China plus Indonesia, with combined effective capacity of 51.5 GW including 45.5 GW of n-type TOPCon, and overseas markets accounted for 40% of its 2025 revenue. Yingfa said the investment supports Indonesia's 100 GW solar programme and its TKDN local-content framework; Indonesia had about 1.5 GW of installed solar in 2025 and targets 100 GWp by 2029. The United States finalised anti-dumping and countervailing duties on crystalline silicon cells from Indonesia, India and Laos in September 2026, setting a 94.36% dumping margin for Indonesian producers and countervailing rates of 73.20% to 173.70%, so the plant's export mix remains constrained by US trade measures.