TOYO Solar has announced an expansion of its solar cell manufacturing capacity at the Hawassa Special Economic Zone (HSEZ) with a USD 47 million investment, bringing its total investment in Ethiopia to nearly USD 110 million.

The expansion follows the completion of Phase One of TOYO’s advanced manufacturing facility, which is set to begin production in the second quarter of 2025. The company aims to strengthen its ability to meet rising global demand for high-performance solar cells.

“This expansion is a direct response to the strong global demand for solar energy solutions,” said Junsei Ryu, CEO and Chairman of TOYO. “Interest in our products, even before Phase 1 is operational, underscores the strength of our strategic vision and Ethiopia’s key role in our global expansion.”

Located in Hawassa, a fast-growing renewable energy hub, the new facility will cover 28,000m² and is expected to be completed by July 2025, with production starting in August. TOYO further secured a USD 150 million supply contract in November 2024.

Source (including image): IPDC