SEOUL, October 13 (AJP) - OCI TerraSus, a wholly owned subsidiary of South Korea’s OCI Holdings, said Monday that it has established a new company in Singapore to take a majority stake in a solar wafer plant in Vietnam — a move aimed at strengthening its supply chain for U.S.-bound solar products.
The new entity, OCI ONE, will acquire a 65 percent stake in a wafer plant built by Elite Solar Power Wafer in Vietnam.
The facility, expected to be completed by the end of October, will have an annual production capacity of 2.7 gigawatts and is slated to begin producing solar wafers early next year.
OCI said the $120 million project will provide immediate revenue once production begins, with OCI ONE’s share valued at $78 million.
The company added that an additional $40 million investment could double the plant’s capacity to 5.4 gigawatts within six months, significantly increasing output and sales potential.
The wafers will be made using polysilicon supplied by OCI TerraSus, creating a vertically integrated production chain the company says will improve both competitiveness and profitability.
The products will also comply with new “non-PFE” standards — referring to the exclusion of products linked to forced labor — established in July under the U.S. Office of Budget and Business Bureau Act.
“This strategic investment brings us closer to completing a non-PFE supply chain favorable for U.S. exports,” said Lee Woo-hyun, chairman of OCI Holdings. “We will continue working with partners across Southeast Asia to strengthen our position in the global solar industry.”
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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