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OCI Holdings is expanding into the solar wafer market through the acquisition of a majority stake in a wafer plant in Vietnam.

The company said October 13 that its wholly owned subsidiary OCI TerraSus has established a Singapore-based special-purpose vehicle (SPV), OCI ONE, to acquire a 65% stake in a 2.7GW wafer plant under construction in Vietnam by Elite Solar Power Wafer Co. Ltd. The plant is scheduled for completion by the end of October. 

Following test runs, the plant is expected to begin producing Non-PFE (Prohibited Foreign Entity) wafers early next year, enabling immediate revenue generation.

The total investment amounts to $120 million, with OCI ONE’s stake valued at about $78 million. The plant can be expanded to 5.4GW within six months with an additional $40 million investment, potentially more than doubling revenue in the near term. 

The plant will be supplied entirely with polysilicon from OCI TerraSus, creating full vertical integration designed to enhance both competitiveness and profitability. These Non-PFE wafers meet the requirements introduced under the OBBB Act in July, positioning the venture to supply differentiated products and achieve sustainable profitability in global markets.

“This strategic investment brings us closer to building a supply chain that facilitates U.S. exports,” said Woo Hyun Lee, chairman of OCI Holdings. “We will continue to strengthen our presence in the global solar market by fostering partnerships with local companies in Southeast Asia.”