OCI to expand US solar module production plant to 1 GW
Image by Mission Solar on Linkedin.
South Korea’s OCI Co Ltd (KRX:010060) on Monday said that it will expand the solar module factory in Texas of its US subsidiary Mission Solar Energy to 1 GW from the plant’s current production capacity of 210 MW.
The initiative is in response to expectations for significant growth in US solar demand following the passage of the US Inflation Reduction Act (IRA).
The company will invest USD 40 million (EUR 41m) in the expansion, which will kick off in the fourth quarter of 2022, with commercial production potentially starting at the end of 2023. The project will allow the plant to start producing commercial and industrial solar modules in addition to residential photovoltaic (PV) panels.
OCI intends to create a stable supply chain by procuring polysilicon from its Malaysian plant, which uses hydropower and therefore offers a competitive edge in terms of lower carbon emissions, the company says.
The Korean company aims to take advantage of the IRA to expand its US solar operations, including downstream activities through OCI Solar Power.