TOYO Solar has signed a Memorandum of Understanding (MoU) with the Ethiopian Investment Commission (EIC) to invest USD 60 million in establishing its first solar cell manufacturing plant in Ethiopia. The new facility will be located in the Hawassa Industrial Park.

In addition to the MoU, TOYO Solar secured an investment permit, allowing it to set up its factory on more than three hectares of land within the industrial park. The plant is expected to have a production capacity of 15.5 million solar cells per month, positioning Ethiopia as a player in the global solar energy market.

The project is expected to contribute to skills development in the solar energy sector, generate foreign currency, and create approximately 1,000 jobs. It is also expected to play a pivotal role in advancing Ethiopia's renewable energy ambitions and boosting the local economy.

Source (including image): Ethiopian News Agency