Japanese solar technology giant TOYO is making a big bet on Ethiopia, announcing plans to build a massive new solar cell manufacturing facility in the East African nation. The $60 million project will create hundreds of jobs and help TOYO meet the growing demand for solar energy around the world.
The new factory, spanning a whopping 31,500 square meters, will be powered by Ethiopia's abundant hydropower resources. This strategic move allows TOYO to take advantage of Ethiopia's favorable investment climate and tariff-free status for solar exports to the United States.
"This is a game-changer for TOYO," said CEO Junsei Ryu. "This new factory will allow us to ramp up production and meet the needs of our growing solar module business in the US. It's also a key step in diversifying our supply chain and becoming a more competitive player in the global renewable energy market."
The factory is expected to be operational by the end of the first quarter of 2025 and will create up to 880 new jobs in manufacturing and engineering. TOYO plans to finance the project through internal resources and pre-payments.
This move highlights the growing importance of Ethiopia as a hub for renewable energy production. With over 90% of its electricity coming from hydropower and wind, Ethiopia offers a clean and reliable energy source for companies like TOYO.
"This facility will not only boost our production capabilities but also help us reduce our carbon footprint," added Ryu. "It's a win-win for TOYO and for the environment."
This ambitious project is a testament to TOYO's commitment to sustainable growth and its confidence in Ethiopia's potential as a leader in the renewable energy sector. It's a move that could have a significant impact on both the Ethiopian economy and the global fight against climate change.
Source
Renewable Energy World