TOYO Solar has agreed to acquire Solar Plus Technology Texas which gets it access to an industrial facility in Texas
This location will host its 2.5 GW solar module production plant for which phase I is already complete
Initial 1 GW module capacity will be in commercial operations by mid-225; the entire capacity will be online by 2025-end
Japanese solar PV manufacturer TOYO Solar says it will locate a 2.5 GW solar module manufacturing plant in Texas, US in a newly leased facility that it later plans to expand to 6.5 GW by 2029. It gets this access to the leased facility with the acquisition of Solar Plus Technology Texas LLC.
The site is located in the Houston Metropolitan Area with 567,140 sq. ft. of space available for the 2.5 GW capacity. Construction on phase I of the facility is complete, and some equipment is expected to arrive early next year.
TOYO says the initial 1 GW capacity will be online by mid-2025, and the remaining 1.5 GW is scheduled to be commissioned by the end of 2025 ‘in anticipation of a strong order pipeline from US customers.’
“By acquiring Solar Plus, we will accelerate our development and leverage our team's proven manufacturing excellence, as well as the extensively established customer relationships and the brand of our sister company, Vietnam Sunergy, a Tier 1 Bloomberg NEF solar manufacturer,” said TOYO Chairman and CEO Junsei Ryu.
He added, “We are confident that our expansion in the U.S. will effectively deliver a comprehensive solar technology solution, addressing bottlenecks for developers, meeting local content requirements for U.S. solar projects, and enhancing TOYO's competitive advantage.”
In September this year, TOYO unveiled plans to establish a solar cell and module manufacturing plant in the US with 2 GW annual capacity each and venture into wafer-slicing in the future. A 2 GW solar cell production facility in Ethiopia announced soon after will feed the 2 GW US module plant, it added (see Japan’s Toyo Announces 2 GW Solar Cell Factory In Ethiopia).
“This acquisition marks a significant step in TOYO's strategy to establish a manufacturing footprint in the U.S., complementing our current manufacturing presence in Vietnam and Ethiopia,” added Ryu.
TOYO will be a neighbor of several other solar PV producers who have picked Texas as the location for their US manufacturing plans, including SEG Solar, Mission Solar, Canadian Solar, GAF Energy, and Trinasolar, among others. Trinasolar recently sold off its 5 GW Texas project to FREYR (see Amid ‘Geopolitical Risks’ Trinasolar Sells Off 5 GW US Solar Module Plant).
.png?w=50&fm=png){kind=logo}