OCI Holdings has announced its entry into the solar wafer manufacturing segment by acquiring a majority stake in a wafer production facility being developed in Vietnam. The move is part of the company’s broader strategy to strengthen its position in the global solar supply chain and expand downstream from polysilicon into wafers.
On October 13, OCI Holdings said that its wholly owned subsidiary, OCI TerraSus, has set up a Singapore-based special-purpose vehicle named OCI ONE. Through this entity, OCI ONE will acquire a 65% stake in a 2.7 GW solar wafer plant currently under construction by Elite Solar Power Wafer Co. Ltd. in Vietnam. The facility is expected to be completed by the end of October, after which it will undergo test runs before starting commercial operations.
According to the company, the plant is expected to begin producing Non-PFE (Non–Prohibited Foreign Entity) solar wafers early next year. This will allow the project to start generating revenue soon after commissioning. These wafers are designed to comply with the requirements introduced under the OBBB Act in July, which is aimed at strengthening supply chain standards and encouraging compliant manufacturing for global and U.S.-linked markets.
The total investment in the project is estimated at $120 million. OCI ONE’s 65% stake is valued at around $78 million. The company also highlighted that the plant has significant expansion potential. With an additional investment of about $40 million, the facility’s capacity can be doubled from 2.7 GW to 5.4 GW within six months, which could substantially increase revenue in a short period.
A key feature of the project is vertical integration. The Vietnam wafer plant will be supplied entirely with polysilicon produced by OCI TerraSus. This integrated approach is expected to improve cost efficiency, ensure stable raw material supply, and enhance overall profitability and competitiveness in the solar value chain.
Commenting on the development, Woo Hyun Lee, Chairman of OCI Holdings, said the investment brings the company closer to building a supply chain that supports exports to the United States. He added that OCI Holdings plans to further strengthen its global solar presence by working closely with local partners in Southeast Asia.
Through this acquisition, OCI Holdings aims to position itself as a competitive supplier of compliant solar wafers while expanding its footprint in fast-growing international solar markets.
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