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OCI Invests $78 Million in Vietnamese Wafer Plant for U.S. Solar Expansion

South Korean solar company OCI Holdings Co. is deepening its entry into the U.S. clean energy market by investing $78 million in a wafer manufacturing plant in Vietnam—a move expected to help it bypass tightening restrictions in Washington against foreign clean energy firms.

The company announced on Sunday that its Malaysian subsidiary, OCI TerraSus Sdn Bhd, has established a special purpose vehicle, OCI One, in Singapore to acquire a 65% stake in a Vietnamese silicon wafer factory currently under construction by Elite Solar Power Wafer Co.

The facility, designed to produce 2.7 gigawatts of wafers annually, is set to begin trial operations by the end of this year, with mass production starting in early 2026.

The total project cost is $120 million, with OCI covering the majority of the expense. The company added that an additional investment of $40 million could double production capacity to 5.4 GW within six months.

The plant will source polysilicon from OCI TerraSus, enabling OCI to build a fully integrated solar material network from polysilicon to wafers.

As demand for non-Chinese clean energy components in the U.S. is expected to accelerate, this move is projected to enhance the company’s competitiveness and profitability.

The investment is also anticipated to help OCI leverage U.S. clean energy subsidies and align with Washington’s supply chain diversification efforts under the so-called “Big Beautiful Bill” (OBBBA).

Wafers manufactured in Vietnam fall outside the U.S. definition of “Prohibited Foreign Entities” (PEF), which under the OBBBA blocks tax credits for components linked to China, Russia, North Korea, or Iran.

OCI Holdings Chairman Lee Woo-hyun stated that the Vietnamese wafer factory would “bring us closer to establishing a supply chain that supports exports to the United States.” He added that OCI will continue to strengthen partnerships with Southeast Asian companies to expand its footprint in the global solar market.

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