OCI Holdings, the diversified group from South Korea, is making a strategic push into the US solar market through a majority stake acquisition in a Vietnam-based wafer manufacturing plant.  

Its wholly owned subsidiary, OCI TerraSus, has established a Singapore-based special-purpose vehicle (SPV), OCI ONE, to acquire a 65% stake in a 2.7 GW solar wafer production facility under construction by Elite Solar Power Wafer Co. Ltd.  

OCI ONE’s stake in the project is valued at approximately $78 million, out of the total $120 million investment. An additional investment of $40 million could expand the plant’s annual production capacity to 5.4 GW within 6 months, leading to more than doubling the revenue.  

OCI TerraSus will supply the entire polysilicon requirement of the wafer project, which, it explains, will create a full vertical integration designed to enhance competitiveness and profitability.  

The plant is slated for completion by the end of October 2025. “Following test runs, the plant is expected to begin producing Non-PFE (Prohibited Foreign Entity) wafers early next year, enabling immediate revenue generation,” shared OCI, which sees an opportunity to access the US market as demand here for non-Chinese solar supply chain goes up in the future.  

Under the One Big Beautiful Bill Act (OBBBA), non-PFEs are not flagged as a foreign risk, and using their components allows the users to claim clean energy tax credits.  

“This strategic investment brings us closer to building a supply chain that facilitates U.S. exports,” said Chairman of OCI Holdings, Woo Hyun Lee. “We will continue to strengthen our presence in the global solar market by fostering partnerships with local companies in Southeast Asia.” 

Earlier this year, OCI Holdings unveiled plans to establish a 2 GW solar cell manufacturing plant in the US through its local subsidiary Mission Solar Energy (see OCI Holdings Unveils 2 GW US Solar PV Cell Production Plans).