Chinese renewable energy manufacturer Ming Yang Smart Energy Group has received an investment licence from the Ethiopian Investment Commission (EIC) for a US$14.1 billion clean energy and industrial development project in Ethiopia, including 2.8GW of solar PV capacity.
The licence follows the signing of an initial US$10 billion investment agreement during the 4th “Invest in Ethiopia” forum earlier this year, with the total planned investment now increasing by an additional US$4.1 billion, according to the EIC.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
In the first phase of the project, Ming Yang will invest US$7.47 billion to develop 8.4GW of renewable energy capacity across Ethiopia’s South Omo, Afar and Somali regions. The portfolio will include 5.4GW of wind power capacity and 2.8GW of solar generation assets.
The solar and wind developments form part of Ethiopia’s broader efforts to expand domestic renewable energy generation capacity and strengthen its power infrastructure as electricity demand continues to rise.
Under the second phase of the investment, Ming Yang plans to invest a further US$7.3 billion in green ammonia production, electric transmission equipment manufacturing and wind turbine equipment production. The EIC said the investments are expected to support industrial development, create jobs, increase foreign exchange earnings and facilitate technology transfer.
The Commission added that other companies that signed agreements during the 4th “Invest in Ethiopia” forum are also in the process of securing investment licences.
According to the EIC, five companies that signed agreements during the previous edition of the forum have already commenced operations and are exporting products to international markets, reinforcing Ethiopia’s position as an emerging destination for industrial and energy investment.
