Govt, Abu Dhabi Firm Agree to Jointly Develop 500MW PV Projects in Ethiopia

ADDIS ABABA – Finance Minister Ahmed Shide and CEO of the Abu Dhabi future energy Company PJSC-Masdar, Mohamed Jameel Al Ramahi, signed a Memorandum of Understanding to jointly develop 500MW PV projects in Ethiopia.

Prime Ministr Abiy Ahmed presided over the signing ceremony of the MoU on Friday.

“With Ethiopia’s vast experience in energy generation and distribution, Masdar’s investments are a demonstration of enhancing public-private partnerships in the country,” the PM said after the signing ceremony.

‘Enhancing alternative Energy Source’

Later Friday, Finance Minister Ahmed has held discussion with the CEO of Masdar in his office where he said that Ethiopia has embarked on a comprehensive national reform program to transform its economy through harnessing private sector investments.

In this aspect, he emphasized the importance of Ethiopia to have adequate energy to meet its development and growing population’s needs.

Ahmed further explained Ethiopia’s potential in energy development particularly in renewable energy. However, he said Ethiopia has not so far used its vast potentials particularly in wind, solar, geothermal, and biomass.

The Minister highly welcomed UAE’s Masdar for showing its commitment to partner with the Government of Ethiopia to jointly develop 500 MW PV in solar projects and said Masdar’s investments are a demonstration of the growing public-private partnerships (PPP) in the country.

As Ethiopia is working to strengthen its partnership with the private sector, it currently has a total of 17 projects approved by the PPP board of which eight are solar energy, six hydro, and three road projects.

Furthermore, the Ministry of Finance under the PPP modality is working on sectors such as Housing development, Petroleum Storage Depot, Medical Oxygen, Diagnostic Services Supply, Oncology, and five wind energy projects in different regions of the country.