TOYO to Spend $357M on 1.5 GW HJT Solar Cell Plant in Houston
TOYO•TOYO Co., Ltd. will invest $357 million to build a 1.5 GW heterojunction solar cell plant co-located with its Houston module site, aiming for completion in 20 months and generating 400 direct manufacturing jobs. The U.S. facility qualifies for up to $60 million annually in IRA production tax credits, optimizing supply chain and capital efficiency.
1. Project Overview
TOYO Co., Ltd. plans a $357 million capital investment to build a 1.5 GW heterojunction (HJT) solar cell manufacturing facility co-located with its existing Houston module site. This integrated hub aims to streamline production from raw wafer processing to finished U.S.-made modules under one roof.
2. Financial and Tax Incentives
By producing 1.5 GW of cells domestically, TOYO stands to secure Advanced Manufacturing Production Credits under Section 45X of the IRA, receiving $0.04 per watt—equivalent to up to $60 million annually. The expansion will be funded through a combination of internal cash flow, non-dilutive project financing and potential strategic equity partnerships.
3. Operational Synergies and Timeline
Engineering, facility design and procurement planning are underway, with full project completion and initial pilot production expected within 20 months. Co-location with the existing module operation is projected to reduce logistics costs, shorten production cycles and enhance capital efficiency.
4. Job Creation and Market Impact
The new facility is expected to create approximately 400 direct full-time manufacturing jobs and an estimated 1,200 additional roles across the regional supply chain. This expansion supports U.S. domestic content requirements, bolsters energy independence and positions TOYO to serve the utility-scale solar market with high-efficiency HJT technology.
