OCI Holdings Co., a green and energy company in South Korea, is accelerating its solar business through an investment partnership with the Malaysian government.

According to OCI Holdings on Tuesday, it signed a memorandum of understanding (MOU) with the Malaysian government on investment cooperation. The agreement was signed during the KL20 Summit in Kuala Lumpur.

The KL20 Summit is Malaysia‘s premier overseas investment promotion event. More than 3,000 participants, including Prime Minister Anwar Ibrahim, corporate executives, startup founders and investors, attended the two-day event that concluded on Tuesday.

Under the MoU, OCI Holdings aims to secure a stable power supply crucial for expanding polysilicon production and to foster active cooperation with the Malaysian government.

In February, OCI Holdings disclosed plans to invest about 850 billion won ($617.7 million) to gradually boost the annual production capacity of solar-grade polysilicon at OCIM Sdn Bhd, its Malaysian subsidiary, to 56,600 tons by 2027, up from the current 35,000 tons.

“Malaysia’s abundant sunshine, particularly in Sarawak State, coupled with stable hydroelectric power production, presents an ideal environment for solar power generation,” said OCI Holdings Chairman Lee Woo-hyun.

By Jung You-jung and Chang Iou-chung

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