TOYO, a Japan-based solar solutions provider, announced plans to construct a solar cell manufacturing facility in Ethiopia with a targeted annual production capacity of 2 GW.
The USD 60 million investment will be funded through internal resources and pre-payments.
The company has secured a lease on a 31,500-square-meter site in Hawassa, central Ethiopia, chosen for its favorable investment environment, tariff exemptions, and hydropower availability.
Ethiopia's exemption from tariffs for bifacial solar cells under the US Trade Act of 1974 was a key factor in selecting the location.
TOYO aims to begin fitting out the automated plant in November, with production slated to start by the end of Q1 2025.
The company, which went public in the US in July, focuses on the US solar market and seeks to become a global player in the solar supply chain.
