ET Solar, one of the world's leading solar module manufacturers, will invest around $600 million to build a 5-gigawatt wafer facility in Thai Binh province, its second in northern Vietnam.
The factory, which will cover 6.8 hectares in the An Ninh industrial complex, Tien Hai district, is a partnership between the Hong Kong-headquartered company and Thai Binh-based Damsan JSC. The two sides signed an agreement to develop the project on Thursday.
The project’s first phase is expected to start operation in March 2023, providing more than 1,000 jobs, according to a company release.
ET Solar was founded in 2005 in Nanning, China, and set up ET Solar Power Hong Kong Limited in 2018 as its global headquarters.
In Vietnam, the firm operates its own wafer plant in Quang Chau Industrial Park in Bac Giang province. The investment for the facility when licensed in 2019 was $30 million, provincial data shows.