TOYO has agreed, via its subsidiary TOYO Solar, to acquire 100% interest in Solar Plus Technology Texas, located in the Houston metropolitan area.
The company has leased a 567,140 square-foot facility which is being planned to accommodate 2.5 GW of solar module manufacturing capacity, with a further 6.5 GW expansion planned by 2029. The factory construction of Phase 1 of the facility has been completed, and a portion of the required equipment is set to arrive by next year.
The facility’s first 1 GW production is expected to commence by next year. Production capacity is expected to be increased to 2.5 GW by the end of 2025.
“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,” says Junsei Ryu, chairman and CEO of TOYO.
“Our strategy is to supply end customers with solar solutions that are technologically advanced, highly reliable, and cost competitive. We are committed to building a robust global solar supply chain structure that efficiently and competitively serves the U.S. market and other regions, adapting to a dynamic policy environment.”
