Japanese cell and module manufacturer Toyo has acquired a facility in Texas, USA with plans to establish a 2.5 GW module assembly capacity. Through its subsidiary — Toyo Solar — the company has therefore fully owned Houston-based Solar Plus Technology Texas by acquiring 100% of its membership interests.
TOYO Expands U.S. Solar Manufacturing with Module Assembly
The newly leased facility, covering 567,140 square feet is set to house 2.5 GW of solar module manufacturing capacity with plans to expand to 6.5 GW by 2029. Construction of Phase 1 is complete and some of the necessary equipment is scheduled to arrive by early 2025. Initial production of 1 GW is anticipated to begin by mid-2025, with capacity scaling up to 2.5 GW by the end of that year to meet strong demand from U.S. clients.
This acquisition aligns with TOYO’s mission to expand its U.S. presence, support the need for domestically manufactured solar panels and address the rising demand for secure, sustainable energy solutions as grid demands increase.
"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. 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." said Mr Junsei Ryu, Chairman and CEO of TOYO.
TOYO Solar Invests $19.96M in Phase 1 Construction
Through this acquisition, TOYO Solar LLC gains full ownership of Solar Plus. TOYO Holdings LLC, a wholly-owned subsidiary of TOYO holds a 75.01% stake in TOYO Solar LLC and will contribute $19.96 million in capital to support the Phase 1 construction of Solar Plus's manufacturing facility.
"By acquiring Solar Plus, we will accelerate our development and leverage our team's proven manufacturing excellence, the extensively established customer relationships and the brand of our sister company, Vietnam Sunergy, a Tier 1 Bloomberg NEF solar manufacturer. We are confident that our expansion in the U.S. will effectively deliver a comprehensive solar technology solution, addressing bottlenecks for developers, meeting local content requirements for U.S. solar projects, and enhancing TOYO's competitive advantage." said Junsei Ryu, chairman and CEO of TOYO.
TOYO Targets Global Leadership in Solar Solutions
TOYO is a solar solutions company dedicated to establishing itself as a comprehensive provider in the global solar market. Its operations span the entire solar power supply chain, including upstream wafer and silicon production, midstream solar cell manufacturing and downstream photovoltaic module production, with plans to potentially expand into additional stages. TOYO is strategically positioned to deliver high-quality solar cells at scale and competitive costs.
Last month, Toyo revealed plans to build a 2GW solar cell production facility in Ethiopia with construction set to begin this month and production slated for the end of Q1 2025. The cells produced at the Hawassa plant will support the company’s U.S. module assembly plant. The $60 million cost of the African plant will be financed through internal resources and pre-payments.