TOYO has announced its plans to build an advanced solar cell manufacturing facility with an expected annual capacity of 2 GW. The company has secured a lease for the site in Hawassa, Ethiopia, leveraging the country’s favourable investment environment, tariff-free benefits, and abundant hydropower resources.
The $60 million project will be funded through internal resources and pre-payments. TOYO plans to begin outfitting the 31,500 m² facility in November 2024, with production expected to commence by the end of the first quarter of 2025. Furthermore, Ethiopia’s exemption from tariffs on bifacial solar cells under the US Trade Act of 1974 makes this venture strategically beneficial.
TOYO is a comprehensive solar solutions provider, covering the entire supply chain from wafer and silicon production to solar cells and photovoltaic modules. The company aims to produce high-quality solar cells at a competitive scale and cost for the global market.
