TOYO, a solar solution company, has unveiled plans to build a new solar cell manufacturing facility in Hawassa, Ethiopia
With an expected annual capacity of 2GW, the facility will be delivered through an estimated US$60mn investment from the company which has just signed a lease agreement for the new site of 31,500 sq m.
“We are thrilled to embark on this ambitious project, which will enable us to rapidly scale up solar cell production to meet the needs of our planned module facility in the United States,” said Junsei Ryu, CEO of TOYO.
“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.”
A strategic decision
Hanwassa has been strategically selected by TOYO as it will allow the company to take advantage of the country’s favourable investment policies, tariff status, and ample hydropower supply. The latter will be critical in TOYO’s efforts to reduce its carbon footprint. This is becoming increasingly important to utility-scale developers in the US, Europe and other markets.
Fitting out of the new plant is expected to begin in November, before the start of production at the end of Q1 2025 – if all goes to plan. The facility will be modified to meet the needs of modern, automated cell production and, according to TOYO, will enhance the company’s production capabilities and increase efficiency, reduce costs, and allow it to respond more swiftly to market demands.
While this will help to position TOYO as a competitive key player in the renewable energy sector, local benefits will also be abundant, with TOYO expecting up to 880 jobs to be created as the new facility is brought online.
A new solar cell manufacturing facility in Ethiopia
Up to 880 jobs are expected to be created through the new plant. (Image source: Adobe Stock)
