TOYO Co., Ltd. announced plans to establish a solar cell manufacturing plant with a planned annual capacity of 2 gigawatts (GW). The company has signed a lease agreement for the new facility which is strategically located in Hawassa, Ethiopia, taking advantage of the country’s favorable investment policies, tariff status and abundant hydroelectric power supply. The project represents an estimated investment of $60 million and will be financed through internal resources and advance payments.
TOYO plans to begin development of the new factory in November 2024, and start production at the end of the first quarter of 2025. TOYO has chosen a 31,500 m2 facility in Hawassa which will be modified to meet the needs of a production modern and automated cell. Once work is completed, TOYO estimates the new facility will create up to 880 jobs, including manufacturing and engineering.
Ethiopia is exempt from tariffs on bifacial solar cells under Section 201 of the U.S. Trade Act of 1974.
