08:58 AM EDT, 10/14/2024 (MT Newswires) -- TOYO (TOYO) said Monday it plans to establish a solar cell manufacturing facility in Hawassa, Ethiopia, with an expected annual capacity of 2 gigawatts.

The project, estimated at $60 million, will leverage Ethiopia's favorable investment policies, tariff status, and abundant hydropower supply, the company said. Ethiopia is currently exempt from US tariffs on bifacial solar cells, the company added.

TOYO said it has signed a lease for a 31,500-square-meter facility that will be modified for automated production, with fitting expected to begin in November 2024 and production by the end of Q1 2025.

The company said the new facility is expected to create up to 880 jobs in manufacturing and engineering.

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