South Korea’s OCI Holdings, through its subsidiary OCI TerraSus, has acquired a 65 percent stake in Elite Solar Power Wafer, a company constructing a 2.7GW solar wafer plant in Vietnam, according to an announcement from the group → view source.
The deal, valued at about US$78 million, was completed via Singapore-based entity OCI ONE.
The total project is worth roughly US$120 million, with production of Non-PFE wafers scheduled to start early next year following test operations.
OCI said the facility’s capacity can be expanded to 5.4GW within six months through an additional US$40 million investment, positioning it as one of the largest wafer production sites in Southeast Asia.
All wafers will use polysilicon supplied by OCI TerraSus, enabling full vertical integration and compliance with the US OBBB Act, which governs sourcing standards for renewable energy materials.
Chairman Woo Hyun Lee stated that the move aligns with OCI’s strategy to expand its solar manufacturing footprint across Southeast Asia, leveraging Vietnam as a regional production base for the global clean energy supply chain.
Of note, Vietnam has become one of Asia’s major hubs for solar panel manufacturing.
Foreign investors from South Korea, China, and Singapore have established large-scale facilities producing wafers, cells, and modules for export to the US and Europe.
That said, despite rapid growth, the sector faces challenges from US anti-dumping investigations and stricter rules of origin that target transshipped Chinese products.