Image:Toyo Solar

Japanese solar manufacturer Toyo Solar has secured approximately US$50 million in gross proceeds via a registered direct offering, earmarking the capital to fund the expansion of its solar cell manufacturing operations in Houston, Texas.

The financing arrangement consists of the sale of 4,545,456 ordinary shares at a fixed purchase price of US$11 per share. Gross proceeds will exceed US$50 million, with placement fees and offering-related expenses to be deducted by Toyo Solar. Roth Capital Partners and H.C. Wainwright & Co. are acting as placement agents for the transaction.

Toyo Solar has entered into definitive share sale agreements and expects the financing transaction to close imminently. The deal marks the first concrete financial step supporting the company’s major Houston manufacturing expansion project, which carries a total estimated capital expenditure of US$357 million.

First unveiled on June 8, the expansion plan will add 1.5GW of new heterojunction (HJT) solar cell production capacity at the company’s existing Texas facility. 

Toyo Solar acquired the 2.5GW solar module manufacturing plant in 2024, and the upcoming cell capacity upgrade will complete its integrated cell-to-module production footprint in Houston.