Solar solutions provider Toyo Co., Ltd (TOYO) Monday revealed an agreement to acquire 100 percent membership interests in Houston-based Solar Plus Technology Texas LLC through its subsidiary Toyo Solar LLC. Shares of Toyo Co. on the Nasdaq are currently gaining 3.89 percent at $2.94, from the previous close of $2.80.
The leased facility can accommodate 2.5 GW of solar module manufacturing capacity and further expand it to 6.5 GW by 2029. Solar Plus facility's first 1 GW production is expected to commence by mid-2025. Production capacity is expected to be increased to 2.5 GW by the end of 2025.
The acquisition will help meet the demand for American-made solar panels and growing demand.
TOYO holds 75.01 percent of membership interests in Toyo Solar LLC and will make a capital contribution in the total amount of $19.96 million to Toyo Solar LLC for Phase 1 construction of the Solar Plus facility.
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