By Toyo has acquired a 2.5GW module assembly plant in Texas.
Toyo, a Japanese cell and module manufacturer, has acquired a facility in Texas, USA, with the objective of constructing 2.5GW of module assembly capacity.
The company’s subsidiary, Toyo Solar, acquired 100% of the membership interests in Solar Plus Technology Texas, a Houston-based entity.
The recently leased facility encompasses 567,140 square feet and will undergo construction in multiple phases, with the objective of expanding up to 6.5GW by 2029.
The construction of Phase 1 has been completed, and the scheduled arrival of certain pieces of equipment is anticipated in early 2025. By mid-2025, Toyo aims to commence production of 1GW of annual nameplate module assembly capacity, subsequently increasing this to 2.5GW by the end of 2025.
A capital contribution of approximately $20 million from a subsidiary of Toyo, Toyo Holdings, will be invested in the construction of the initial phase of the manufacturing plant in Texas.
The expansion of US solar manufacturing was announced during the company’s first-half financial results in September of last year. At that time, Toyo revealed its intention to construct a 2GW module assembly plant with an investment of US$100 million. Additionally, the company anticipates the production of solar cells in the United States during the initial six-month period of 2026.
“This acquisition represents a pivotal advancement in TOYO’s strategic objective to establish a manufacturing presence in the United States, thereby complementing our existing manufacturing operations in Vietnam and Ethiopia,” stated Junsei Ryu, Chairman and CEO of TOYO.
In a recent announcement, Toyo revealed its intention to construct a 2GW solar cell production facility in Ethiopia. It is anticipated that construction will commence this month, with production scheduled to begin at the conclusion of the first quarter of 2025.
The cells produced at the Hawassa plant in Ethiopia will serve to augment the capacity of the company’s US module assembly plant. The projected cost of construction for the African cell plant is estimated at US$60 million, with financing to be sourced from internal resources and pre-payments.
The objective of our strategy is to provide end customers with solar solutions that are technologically advanced, highly reliable, and cost-competitive. Furthermore, Ryu asserted that the company is dedicated to developing a resilient global solar supply chain structure that can effectively and competitively serve the US market and other regions, while also adapting to the ever-changing policy landscape.
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