OCI Holdings targets U.S. solar wafer market with facility acquisition

Seoul [South Korea], October 13 (ANI): OCI Holdings Co. is advancing into the solar wafer business, signaling a full-scale push into the U.S. solar market, according to a report by Pulse, the English service of Maeil Business Newspaper Korea.

According to the report, OCI TerraSus, a wholly owned subsidiary of OCI Holdings, announced on Monday that it has established a special-purpose company, OCI ONE, in Singapore to acquire a 65 per cent stake in a Vietnamese wafer plant owned by the global solar company Elite Solar Power Wafer Co.

The factory, which has an annual production capacity of 2.7 gigawatts (GW), is slated for completion by the end of this month. Following trial operations, the facility is expected to begin mass-producing non-prohibited foreign entity (Non-PFE) solar wafers early next year, allowing OCI to generate revenue, the report said.

The total investment amounts to USD 120 million, with OCI ONE contributing USD 78 million for the majority stake.

Citing OCI, the report noted that the plant scalable structure will enable production capacity to double to 5.4 GW (gigawatts) within six months with an additional USD 40 million investment. A gigawatt is a unit of power, equivalent to one billion watts.

All wafers produced will use OCI TerraSus polysilicon, creating a vertically integrated value chain that strengthens competitiveness and profitability.

The wafers will also comply with Non-PFE standards set under the One Big Beautiful Bill Act (OBBB) enacted in the U.S. in July, which excludes materials or components sourced from PFEs such as China.

Meeting the standards is crucial for qualifying for U.S. tax incentives, positioning OCI Holdings to capitalize on the growing demand for locally compliant solar materials in the U.S. market, the report noted. (ANI)

Disclaimer: This news article is a direct feed from ANI and has not been edited by the News Nation team. The news agency is solely responsible for its content.