TOYO Solar to expand investment in Ethiopia with an additional $47 million

Addis Ababa, March 31, 2025 (FMC) – Japanese firm TOYO Solar has announced plans to expand its solar cell manufacturing capacity at the Hawassa Special Economic Zone (HSEZ) with an additional investment of 47 million USD.

This will bring the company’s total investment in Ethiopia to nearly $110 million, according to the Industrial Parks Development Corporation of Ethiopia (IPDC).

This expansion follows the successful completion of Phase One of TOYO’s state-of-the-art facility in HSEZ, which is set to begin production in the second quarter of 2025. The new expansion is part of a broader 47 million USD investment, aimed at strengthening TOYO’s ability to meet the growing global demand for high-performance solar cells.

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

The expansion will take place in Hawassa, a rapidly growing hub for Ethiopia’s renewable energy industry. The new facility, occupying an additional 28,000m² of space next to the existing site, is expected to be completed by July 2025, with full production scheduled to start by August. The established infrastructure at the site will help expedite the development timeline.

Demonstrating its confidence in the Ethiopian market, TOYO also secured a major 150 million USD supply contract in November 2024, further cementing Ethiopia’s position as a vital player in the global renewable energy sector, IPDC recalled.