Japanese solar cell and module manufacturer TOYO Co., Ltd has announced an expansion plan with the establishment of a $60 million solar cell manufacturing facility in Hawassa, Ethiopia. The plant, set to begin operations by the end of Q1 2025, will have an annual production capacity of 2 GW. The facility will occupy 31,500 m² and is expected to create 880 jobs. The project will be financed through internal resources and pre-payments. TOYO strategically chose Ethiopia due to its favorable investment policies, hydropower availability, and tariff-free status for solar exports to the US under Section 201 of the Trade Act of 1974. The company plans to start preparing the facility in November 2024.