TOYO Solar inks agreement with EIC to launch $60mln manufacturing facility in Ethiopia.

Addis Ababa, October 14, 2024 (FBC) – TOYO Solar has officially signed a Memorandum of Understanding (MOU) with the Ethiopian Investment Commission (EIC) to invest 60 million USD in establishing its first solar cells manufacturing facility in Ethiopia.

As part of the agreement, TOYO Solar also obtained an investment permit today for the construction of the factory in the Hawassa Industrial Park, which will cover over 3 hectares of land. The new plant is projected to produce 15.5 million solar cells each month.

This initiative is expected to significantly contribute to skills development in the solar energy sector, generate foreign currency earnings, and create around 1,000 jobs. Additionally, it will play a critical role in advancing the solar industry within the region.

The MOU was signed by Dr. Zeleke Temesgen, Deputy Commissioner of the EIC, and Mr. Li Huayang, General Manager of TOYO Solar Manufacturing One Member PLC.