OCI Stakes Claim in U.S. Solar Market with New Wafer Venture

OCI Holdings Co. is making a strategic move into the solar wafer arena, marking its full-scale entry into the U.S. solar market. According to a report by Pulse, the English platform of Maeil Business Newspaper Korea, OCI TerraSus, a subsidiary of OCI Holdings, announced its establishment of a special-purpose company named OCI ONE in Singapore. The company aims to acquire a 65% stake in a Vietnamese wafer manufacturing facility owned by global solar entity Elite Solar Power Wafer Co.

The production plant, with an annual output capacity of 2.7 gigawatts (GW), is set to be completed by the end of this month. As trial operations conclude, the facility plans to initiate mass production of Non-PFE solar wafers early next year, creating a revenue stream for OCI. The entire investment is pegged at USD 120 million, with OCI ONE investing USD 78 million to secure the majority shareholding.

The report highlights that the plant's scalable structure is designed to elevate production capacity to 5.4 GW within a span of six months with an additional USD 40 million investment. All solar wafers produced will incorporate OCI TerraSus's polysilicon, forming a vertically integrated supply chain to boost competitiveness and profitability. Meeting Non-PFE standards, as outlined in the U.S.'s One Big Beautiful Bill Act, the venture ensures qualification for tax incentives, thereby enhancing OCI Holdings' positioning in the expanding demand for compliant solar materials in the U.S. market.

(With inputs from agencies.)