Rendering of OCI Holdings’ wafer plant in Vietnam, as seen on the company’s website.
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South Korean solar energy giant, OCI Holdings Co., is bolstering its presence in the U.S. clean energy market with a $78 million investment in a wafer manufacturing facility in Vietnam. This strategic move aims to navigate Washington’s increasingly stringent restrictions on foreign clean energy enterprises.
On October 12th, the company announced that its Malaysian subsidiary, OCI TerraSus Sdn Bhd, established a Special Purpose Vehicle (SPV) named OCI One in Singapore. This SPV will acquire a 65% stake in a wafer plant constructed by Elite Solar Power Wafer Co. in Vietnam.
The plant, designed with an annual capacity of 2.7GW, is slated for trial operations by late 2025 and full-scale production by early 2026.
The total project investment stands at $120 million, with OCI contributing the majority.
Company representatives added that an additional $40 million investment could double the output to 5.4GW within six months.
The facility will utilize polysilicon sourced from OCI TerraSus, enabling OCI to establish a fully integrated solar material supply chain, from polysilicon to wafers.
This integration is expected to enhance the company’s competitiveness and profitability, particularly as U.S. demand for non-Chinese clean energy components is projected to surge.
Capitalizing on U.S. Clean Energy Subsidies
The investment positions OCI to qualify for U.S. clean energy subsidies, aligning with Washington’s supply chain diversification efforts under the Inflation Reduction Act (IRA).
Wafers produced in Vietnam are exempt from the U.S. definition of a “Prohibited Foreign Entity” (PEF), a designation within the IRA that restricts tax credits for components linked to China, Russia, North Korea, or Iran.
OCI Holdings Chairman Lee Woo-hyun stated that the Vietnam wafer plant will “bring us closer to establishing a seamless supply chain for U.S. exports.”
He further emphasized OCI’s commitment to strengthening partnerships with Southeast Asian companies to expand its global solar energy market presence.
National Security (Source: Ked Global)
– 3:30 PM, October 13, 2025
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