Africa-Press – Ethiopia. Addis Ababa March 12/2021 (ENA) Ministry of Finance and the Abu Dhabi future energy Company PJSC-Masdar have signed a memorandum of understanding (MoU) to develop 500MW solar energy.
Prime Minister Abiy Ahmed presided over the signing ceremony held in Addis Ababa today.
The project idea was initiated during the visit of Prime Minister Abiy Ahmed to the United Arab Emirates, where representatives of the Government of Ethiopia and the Government of United Arab Emirates agreed to jointly develop 500MW PV projects in Ethiopia, it was learned.
The aim of this MoU is to formalize the intention of the parties to further discuss potential areas of collaboration and possible related potential projects and services.
During the occasion, PM Abiy remarked that since 2018, Ethiopia has been undertaking a wave of reforms to particularly strengthen the economy by harnessing private sector investments.
He reiterated that Ethiopia, as a nation with untapped potential in various sectors that can be catalyzed to transform the lives of people, the energy sector has been identified as one critical lever.
Ethiopia has been working with neighboring countries in energy sector, the premier said, adding that this is a great opportunity for companies interested to invest in the sector.
Electric power demand in Ethiopia and across the Horn of Africa is huge, Abiy noted.
Masdar Chief Executive Officer Mohamed Jameel Al Ramahi stated that Ethiopia has abundant resources for solar and wind power and Masdar as one of the largest renewable energy companies in the world is excited to invest in Ethiopia.
He further remarked that under Prime Minister Abiy Ahmed’s leadership the environment is transformed, enabling such private sector investments in Ethiopia.
Finance Minister Ahmed Shide said on his part Ethiopia and the United Arab Emirates have been working closely with a sense of strong friendship and partnership.
Noting that UAE has been supporting various development activities in Ethiopia through the Abu Dhabi Development Fund, the minister pointed out that preparations have been underway to enhance investment between the two countries, including in areas of infrastructure and manufacturing industries, among others.
Since recently the Emirates have also been providing development finance to Ethiopia, he stated.
According to him, the Abu Dhabi future energy Company will develop 300MW solar energy in the first phase of the project in partnership with the Government of Ethiopia in line with today’s agreement. The agreement will be functional soon.
Abu Dhabi future energy Company PJSC-Masdar, a company based in Abu Dhabi, is engaged in the development of renewable energy, sustainable procurement, and supply chain consultancy services.
