Japanese firm TOYO, a solar solutions company, has announced plans to build a 2GW solar cell manufacturing facility in Hawassa, Ethiopia.
The facility will be built with an estimated investment of $60m, financed through internal resources and pre-payments.
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The proposed solar cell manufacturing plant will be developed on a 31,500m² facility in Hawassa, for which TOYO has already executed a lease agreement.
The project location is a strategic choice influenced by Ethiopia’s favourable investment policies, tariff exemptions and hydropower resources.
The chosen site will undergo modifications to accommodate a modern, automated solar cell production line.
TOYO expects to begin development works for the new plant in November 2024, with production commencing by the end of the first quarter (Q1) of 2025.
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By GlobalDataTOYO anticipates the creation of up to 880 jobs, encompassing roles in manufacturing and engineering.
Ethiopia has been granted a tariff exemption for bifacial solar cells under Section 201 of the US Trade Act 1974.
TOYO CEO Junsei Ryu stated: “Establishing this manufacturing plant is a key step in our strategic vision to diversify our supply chain and enhance our sourcing capabilities for solar solutions in the global market. Approximately 90% of Ethiopia’s electricity generation comes from hydropower, with wind contributing 8% and thermal sources accounting for the remaining 2%.
“The new facility will be able to take advantage of this green power supply to advance TOYO’s goal of reducing the carbon footprint across our supply chain as this issue becomes increasingly important to utility-scale developers in the US, Europe and other markets.
“This facility will enhance our production capabilities and increase efficiency, reduce costs and respond more swiftly to market demands, positioning TOYO as a competitive key player in the renewable energy sector.”
In October 2024, SEG Solar hosted a groundbreaking event for its new 5GW integrated photovoltaic industrial park in Indonesia.
