TOYO Acquires Texas Solar Plant to Boost Capacity by 2.5 GW by 2025
POWER & RENEWABLE ENERGY

TOYO Acquires Texas Solar Plant to Boost Capacity by 2.5 GW by 2025

TOYO Corporation, a solar solutions provider, has acquired Solar Plus Technology Texas, a module manufacturing facility located in Houston, Texas. The operations of the facility will be managed by TOYO Solar, a subsidiary of TOYO, with an initial investment of $19.96 million allocated for Phase 1 construction.

This acquisition is aimed at advancing TOYO’s “made-in-America” solar module production initiative, which plans to achieve an initial capacity of 2.5 GW and expand to 6.5 GW by 2029. The newly leased facility, covering an area of 567,140 square feet, is expected to receive equipment by early 2025. Production of the first gigawatt is scheduled to begin by mid-2025, with the facility reaching its 2.5 GW capacity by year-end.

Junsei Ryu, Chairman and CEO of TOYO, noted that the U.S. acquisition aligns with the company’s existing facilities in Vietnam and Ethiopia. He emphasised TOYO’s intent to utilize the expertise of its sister company, Vietnam Sunergy, to maintain manufacturing excellence and leverage established customer relationships.

The acquisition forms part of TOYO’s larger strategy to strengthen its presence in critical markets and enhance its capabilities as a comprehensive solar solutions provider, encompassing upstream silicon and wafer production to downstream photovoltaic module manufacturing.

According to a joint report by the Solar Energy Industries Association and Wood Mackenzie, solar module manufacturing capacity in the U.S. increased by over 10 GW, reaching 31.3 GW in the second quarter of 2024. Additionally, the US increased its tariff-free solar cell import quota in August 2024, raising it from 5 GW to 12.5 GW to support domestic module manufacturers, although the tariff rate remains fixed at 14.25 per cent.

TOYO Corporation, a solar solutions provider, has acquired Solar Plus Technology Texas, a module manufacturing facility located in Houston, Texas. The operations of the facility will be managed by TOYO Solar, a subsidiary of TOYO, with an initial investment of $19.96 million allocated for Phase 1 construction. This acquisition is aimed at advancing TOYO’s “made-in-America” solar module production initiative, which plans to achieve an initial capacity of 2.5 GW and expand to 6.5 GW by 2029. The newly leased facility, covering an area of 567,140 square feet, is expected to receive equipment by early 2025. Production of the first gigawatt is scheduled to begin by mid-2025, with the facility reaching its 2.5 GW capacity by year-end. Junsei Ryu, Chairman and CEO of TOYO, noted that the U.S. acquisition aligns with the company’s existing facilities in Vietnam and Ethiopia. He emphasised TOYO’s intent to utilize the expertise of its sister company, Vietnam Sunergy, to maintain manufacturing excellence and leverage established customer relationships. The acquisition forms part of TOYO’s larger strategy to strengthen its presence in critical markets and enhance its capabilities as a comprehensive solar solutions provider, encompassing upstream silicon and wafer production to downstream photovoltaic module manufacturing. According to a joint report by the Solar Energy Industries Association and Wood Mackenzie, solar module manufacturing capacity in the U.S. increased by over 10 GW, reaching 31.3 GW in the second quarter of 2024. Additionally, the US increased its tariff-free solar cell import quota in August 2024, raising it from 5 GW to 12.5 GW to support domestic module manufacturers, although the tariff rate remains fixed at 14.25 per cent.

Related Stories

Gold Stories

Next Story
Infrastructure Energy

Asian Energy Services Q1 FY27 PAT Rises 129 Per Cent

Asian Energy Services Limited reported a 129 per cent year-on-year rise in net profit to Rs 128 million for Q1 FY27, compared with the corresponding quarter last year.Revenue increased 135 per cent year-on-year to Rs 2.71 billion, supported by continued momentum across its services business, disciplined execution and contributions from domestic and international operations. EBITDA grew 81 per cent year-on-year during the quarter.As of June 30, 2026, the company’s standalone order book stood at Rs 17.54 billion, with around 60 per cent coming from oil and gas services and 40 per cent from min..

Next Story
Infrastructure Urban

BioBTX to Build First Commercial-Scale Circular Chemicals Plant

Dutch circular chemistry technology developer BioBTX is building what it says will be the world’s first commercial-scale plant to convert mixed plastic waste into high-quality aromatic chemicals using its proprietary Integrated Catalytic Cracking Process (ICCP) technology.The facility will be built at Chemical Park Delfzijl on the northern coast of the Netherlands and is expected to create 35 jobs. Covestro, which has been a shareholder and strategic partner of BioBTX since 2024, holds a mid-single-digit million-euro investment in the company.BioBTX’s ICCP technology uses catalytic pyrolys..

Next Story
Real Estate

Awfis Q1 FY27 PAT Jumps 140% as Revenue Rises 27%

Awfis Space Solutions reported a 140 per cent year-on-year rise in consolidated profit after tax (PAT) to Rs 240 million for Q1 FY27, compared with Rs 100 million in the corresponding quarter last year.Revenue from operations increased 27 per cent to Rs 4.25 billion from Rs 3.35 billion, while EBITDA rose 28 per cent to Rs 1.62 billion. EBITDA margin improved to 38.2 per cent from 37.8 per cent. Profit before tax increased 135 per cent to Rs 240 million.The company's co-working business recorded 27 per cent year-on-year growth, supported by demand from enterprises, Global Capability Centres (G..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement