- TOYO Co., Ltd will invest $60 million to build a 2-GW solar cell manufacturing plant in Hawassa, Ethiopia, starting production by Q1 2025.
- The facility will create 880 jobs and leverage Ethiopia’s 90% hydropower supply to support TOYO’s sustainability goals.
- TOYO aims to diversify its supply chain and meet rising global demand for solar solutions, with plans to expand into the US and European markets.
TOYO Co., Ltd will build Ethiopia’s 2-gigawatt (GW) solar cell manufacturing plant. The facility in Hawassa takes advantage of Ethiopia’s investment-friendly policies and hydropower resources.
TOYO plans to invest $60 million in the project using internal funds and pre-payments. The company signed a lease for a 31,500-square-meter site to upgrade for automated solar cell production. Construction starts in November 2024, and production begins by the end of the first quarter 2025.
The company chose Hawassa because of Ethiopia’s favourable tariffs and clean energy supply. Ethiopia generates 90% of its electricity from hydropower, aligning with TOYO’s commitment to sustainability and carbon reduction in its supply chain.
TOYO aims to diversify its supply chain and expand globally. CEO Junsei Ryu emphasised the plant’s importance: “This factory plays a key role in our strategy to meet rising demand, especially for our upcoming module facility in the US.”
The plant will create 880 jobs, including roles in manufacturing and engineering, boosting Ethiopia’s local economy. Ethiopia’s tariff exemption for bifacial solar cells under the US Trade Act helps TOYO cut import costs and optimise its international supply chain.
By expanding into Ethiopia, TOYO increases its production capacity, allowing quicker responses to market demands. Establishing this facility strengthens TOYO’s position in the global renewable energy market, enhances production efficiency, and reduces costs.
Relying on hydroelectric power supports TOYO’s sustainability goals. The company focuses on lowering its environmental impact while producing high-quality solar products. Its use of green energy aligns with the growing demand for eco-friendly solar solutions, especially in the US and Europe.
TOYO’s investment supports the global energy transition and contributes to Ethiopia’s economy. The company continues to innovate in solar technology, improving product performance and sustainability. This new plant marks a key milestone in TOYO’s long-term strategy to grow its global footprint.
By building this factory in Ethiopia, TOYO strengthens its commitment to sustainability and positions itself as a global leader in the renewable energy market. The company continues to play a critical role in the shift toward cleaner, more efficient energy solutions.