PVTIME – TOYO Solar, a subsidiary of Japanese manufacturer VSUN Solar, has announced plans to construct a solar cell and module factory with an annual production capacity of 2GW in the US. Additionally, the company intends to establish a future wafer processing factory in the US.
The company plans to raise US$100 million in funding for the construction of the new facility. It is expecting to recover 70% of the investment within the first 12 months of operation, with the support of US Inflation Reduction Act (IRA). The IRA offers an incentive of $0.07/W for solar modules, $0.04/W for solar cells, and $12/sq. m. for solar wafers.
TOYO Solar has a manufacturing capacity of 3GW and is one of the largest non-Chinese n-type cell manufacturers in the world. In the first six months of 2024, the company generated net income of $19.6 million and delivered 985MW of TOYO cells, primarily for use in US-based projects.
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