OCI Holdings said on the 20th that it will independently build a solar cell production plant on the site of its U.S. solar subsidiary, Mission Solar Energy (MSE), to expand the U.S. solar value chain.
The company plans to invest a total of $265 million (approximately 384 billion won) to start commercial production of 1 gigawatt (GW) of solar cells in the first half of 2026 and secure a total production capacity of over 2 GW through gradual increases in the second half, starting with 1 GW.
Through this, OCI Holdings will establish a clean supply chain based on polysilicon from its Malaysian subsidiary OCI TerraSus (formerly OCI M) that leads to the new corporation's cells. OCI TerraSus's solar-grade polysilicon meets RE100 requirements based on Malaysia's eco-friendly hydropower and also complies with the Uyghur Forced Labor Prevention Act (UFLPA), which is being strengthened by the U.S. Customs and Border Protection (CBP). It is noted that the product is recognized for its competitiveness as it is convenient for exports to the U.S. from global customers.
U.S. cell manufacturers will receive an advanced manufacturing tax credit (AMPC) of 4 cents per watt (W) under the Inflation Reduction Act (IRA). For customers, solar projects (power generation businesses) that use U.S.-made components above a certain percentage will be eligible for an additional 10% investment tax credit (ITC), leading to increased revenue.
Lee Woo-hyun, chairman of OCI Holdings, said, "Through the establishment of this new solar cell corporation, we will begin production of U.S. solar cells made from polysilicon from OCI TerraSus," and noted, "Starting with this project, which has minimal expense and a short timeline, we will gradually strengthen the solar value chain in the U.S."