OCI Holdings Invests $78 Million in Vietnam Wafer Plant to Strengthen US Market Presence

South Korean solar cell manufacturer OCI Holdings Co. has announced a USD 78 million investment in a wafer manufacturing facility in Vietnam, marking a strategic move to expand its foothold in the US clean energy supply chain while navigating tightening American trade restrictions on foreign clean-tech firms.

Strategic Expansion via Southeast Asia

The company said on Sunday that its Malaysian subsidiary, OCI TerraSus Sdn Bhd, has formed a special-purpose vehicle, OCI One, in Singapore to acquire a 65 percent stake in a Vietnamese wafer plant under construction by Elite Solar Power Wafer Co. 

The USD 120 million project will have an annual production capacity of 2.7 GW of wafers, with pilot operations expected by the end of this year and full-scale mass production beginning in early 2026.

OCI will provide most of the project funding, with the option to invest an additional USD 40 million to double capacity to 5.4 GW within six months of launch. 

The facility will source its polysilicon feedstock from OCI TerraSus, enabling a fully integrated solar materials production chain, from polysilicon to wafers, across the company’s operations in Malaysia and Vietnam.

Positioning Under US Clean Energy Policy

The investment is aligned with Washington’s One Big Beautiful Bill Act (OBBBA), which restricts clean energy tax credits for products linked to “Prohibited Foreign Entities” (PFEs), including China, Russia, North Korea, and Iran. 

Because the wafers produced in Vietnam fall outside this classification, OCI will be eligible to participate in US clean energy subsidy programs.

The new venture is expected to help the company build a supply chain that facilitates US exports. With this, OCI plans to deepen partnerships across Southeast Asia to expand its renewable manufacturing footprint and become a reliable source for the US and other major markets seeking non-Chinese clean energy components.

By integrating its regional operations, OCI aims to boost both its competitiveness and profit margins, particularly as US demand rises for diversified, non-Chinese sources of solar materials.