OCI Holdings, a South Korean chemical company, has signed a long-term supply contract worth KRW930 billion ($693.9 million) with China-based photovoltaics (PV) company Trina Solar for the latter’s factory in Vietnam.
In a Monday release, OCI Holdings said OCIM Sdn. Bhd., its Malaysia subsidiary, would provide polysilicon for Trina Solar’s factory in Vietnam’s northern province of Thai Nguyen until 2030.
The deal reflects OCIM’s ability to ensure stable supply of low-carbon solar polysilicon based on eco-friendly hydroelectric power generation, the firm said.
Founded in 1997, Trina Solar Co., Ltd. produces and sells PV modules and PV systems. It also carries out R&D on new products and services. It has set up regional headquarters in Zurich, the U.S. Silicon Valley, Miami, Singapore, Dubai, as well as manufacturing bases in the U.S., Thailand, Vietnam, Indonesia, and the UAE with operations in more than 160 countries and regions around the world.
In February 2024, Trina Solar Cell (Vietnam) Co., a unit of Trina Solar, received a license to build a $454-million solar cell plant in Thai Nguyen, the third of its kind in the northern province. The new facility will be located on an area of 14.1 hectares at the Yen Binh Industrial Park. Construction is expected to start in May.
Once operational (scheduled for March 2025), the plant will churn out 11,500 tons of monocrystalline silicon bars, 555 million monocrystalline silicon wafers, and 560 million solar panels per year.
The latest move has brought Trina Solar’s investment total in Vietnam to $932 million. The existing two projects, also located at the Yen Binh Industrial Park, are a $203-million PV cell and PV module plant and a $275-million monocrystalline silicon bar and wafer plant.