The newly leased facility spans 567,140 square feet and will see the construction of a module assembly plant in different phases with plans to expand up to 6.5GW by 2029.
Construction of Phase 1 has been completed and parts of the equipment are scheduled to arrive by early 2025. By mid-2025, Toyo aims to start production of 1GW of annual nameplate module assembly capacity, before ramping up to 2.5GW by the end of 2025.
Nearly US$20 million – through a capital contribution from one of its subsidiaries, Toyo Holdings, – will be invested in the construction of the first phase of the manufacturing plant in Texas.
The expansion to US solar manufacturing was announced last September during its first-half financial results. At the time, Toyo unveiled plans to build a 2GW module assembly plant with a US$100 million investment. The company also expected to produce solar cells in the US in the first half of 2026.
“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,” said Junsei Ryu, chairman and CEO of TOYO.
Toyo announced plans to build a 2GW solar cell production plant in Ethiopia last month. Construction is expected to start this month and production is set to begin at the end of the first quarter of 2025.
Cells produced at the Hawassa plant in Ethiopia will provide capacity for the company’s US module assembly plant. Construction of the African cell plant is estimated to cost US$60 million, which will be financed through internal resources and pre-payments.
“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 US market and other regions, adapting to a dynamic policy environment,” added Ryu.
