Addis Ababa: TOYO Solar has signed a Memorandum of Understanding (MOU) with the Ethiopian Investment Commission (EIC) to invest 60 million USD (close to 7 billion Birr) to establish its first solar cell manufacturing factory in Ethiopia.

In addition to signing the MOU, Toyo Solar also secured investment permit today to set up its factory in Hawassa Industrial Park on a total of more than 3 hactare of factory shed and land.

According to the EIC, the plant aims to produce 15.5 million pcs of solar cells monthly.

The project is expected to enhance skills development in the solar energy sector, generate foreign currency earnings, and create around 1,000 jobs, playing a significant role in the solar industry.

The MoU was signed by Zeleke Temesgen, EIC Deputy Commissioner and Li Huayang, General Manager of TOYO Solar Manufacturing One Member PLC.

Source: Ethiopian News Agency