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Solar solution company TOYO has announced plans to commence construction of an additional two gigawatts of solar cell capacity expansion at its new Ethiopian facility.
The announcement follows the completion of Phase 1 of the facility.
In October 2024, TOYO announced plans to build a $60m solar cell manufacturing facility in Hawassa, Ethiopia, with an annual capacity of 2GW.
This $60m investment was financed through internal resources and pre-payments. The fitting-out began last November, with commencement of production scheduled for the end of the first quarter of 2025.
The new expansion plan will double the company's current production capacity in Ethiopia from 2GW to 4GW.
The expansion is being undertaken to meet the increasing global demand for TOYO's solar cell products.
CEO and chairman Junsei Ryu stated: "This expansion is a direct response to the strong demand we're seeing globally for high-performance solar cells. We have successfully completed the construction of the Phase 1 solar cell manufacturing facility, which has a capacity of 2GW.
“We are currently conducting equipment installation, tests and trial runs at this facility. With formal production scheduled to commence in the early second quarter of 2025, we are confident in our ability to scale up production quickly and efficiently.
"The global interest and orders we've received for our solar cell products, even before Phase 1 is fully operational, confirm the strength of our strategic vision. Given the global demand, we have decided to proceed with this additional capacity."
The expansion work is scheduled to begin in April 2025 with completion expected in July, and production from August.
The investment required to execute the expansion project is estimated at $47m.
For the Phase 2 expansion, TOYO is negotiating a lease for a 28,000m² facility adjacent to the existing Phase 1 site.
The infrastructure of the Phase 1 site will support the Phase 2 expansion, significantly shortening its development timeline.
"TOYO is committed to providing cutting-edge solar solutions to meet the global market's needs while reducing our carbon footprint across the supply chain. This expansion reinforces our aspiration to be a key player in the global solar industry and our dedication to a sustainable energy future," added Ryu.
In November 2024, TOYO secured a $150m solar cells supply contract from a solar module manufacturer.
This contract supports the manufacturer's solar module production expansion in India and the US.
"TOYO plans 2GW solar cell capacity expansion in Ethiopia" was originally created and published by Power Technology, a GlobalData owned brand.