☀️ TOYO Solar Acquires Houston Manufacturer to Boost U.S. Solar Panel Production 💼🔋

TOYO Solar has acquired Solar Plus Technology Texas LLC, including a newly leased 567,140-square-foot facility in Houston with an initial production capacity of 2.5 gigawatts of solar modules. TOYO plans to expand the facility's capacity to 6.5 gigawatts by 2029, investing $19.96 million in the project.
The facility, with Phase 1 construction complete, will begin equipment installation in early 2025. Production of the first 1 gigawatt of solar modules is expected to start by mid-2025, with capacity reaching 2.5 gigawatts by year-end.
TOYO Solar aims to address growing demand for American-made solar panels amid grid challenges in Texas, leveraging its expertise from successful operations in Vietnam and Ethiopia. This acquisition also aligns with U.S. local content requirements for solar projects.
"Our expansion in the U.S. will deliver advanced solar solutions while addressing supply chain bottlenecks," said Junsei Ryu, TOYO's chairman and CEO. "We are committed to building a competitive, sustainable solar supply chain for the U.S. and beyond."
The deal strengthens TOYO’s competitive position as it targets reliable, cost-effective solar solutions for developers and end customers in the dynamic renewable energy market.