Fed Inks Deal to Build Solar Power Plants

Jan 21 , 2023


[ssba-buttons]

Two solar plants with a combined capacity of 500MW will be built following an agreement with Masdar, a UAE-based renewable energy company. Established in 2006 with three shareholders, Masdar, is a UAE-government-owned renewable energy company in Abu Dhabi that develops utility-scale renewable energy projects worldwide. Prime Minister Abiy Ahmed and UAE Ruler Mohamed bin Zayed Al Nahyan signed an agreement to commence the solar energy system last week. Ethiopia generates most of its electricity from hydropower, with close to 90pc of the 4,500MW generated power coming from dams built and operated by the state. Four months ago, the federal government secured 217 million dollars from the World Bank to generate a 35MW hybrid mini-grid power plant, partially tapping energy from solar sources. The Africa Development Bank (ADB) has also provided 161 million dollars in loans to build 25 mini-grid plants in all regional states, excluding Afar and Gambella regional states. The Prime Minister said the global net zero target offers a tremendous economic opportunity to harness renewable resources, emphasising the country has "unparalleled" renewable energy resources. Ethiopian Investment Holdings will work closely to explore opportunities to work with Masdar in renewable energy, real estate, and agriculture.


Radar

Fresh Push to Help Farmers Get Covered & Cash In

The Ministry of Agriculture has established the Rural Finance Service Unit (RFSU) to coordinate and expand agricultural insurance nationwide. Announced on Tuesday at the 2025 UNDP Financial Resilience in Agriculture Community of Practice forum (held at the UN Economic Commission for Africa headquarters), the RFSU is supported by UNDP, JICA, and other partners with funding from the Bill & Melinda Gates Foundation. Agriculture Minister Girma Amente (PhD) and State Minister Sofia Kassa attended...


Radar

Mission 300 Gains Momentum as Ethiopia Charts Path to Energy Equity

The Government has developed a National Energy Compact with the goal of achieving universal electricity access by 2030. The strategy, led by the Ministry of Water & Energy (MoWE), outlines Ethiopia's commitment to reaching 100pc energy access for its population within the next five years. According to State Minister for Energy Development Sector Sultan Woli, the compact was prepared in collaboration with key development partners, including the World Bank Group and the African Development...


Radar

Rammis Bank Commences Mobile Application, Card Banking Services

Rammis Bank has launched its mobile banking application and card services as part of its digital expansion drive. The "Rammis Mobile App" was officially introduced during a launch event held on Saturday at the Grand Eliana Hotel. The app allows users to transfer funds at any time, pay bills, top up mobile airtime, and send money to telebirr wallets for themselves or others. The newly introduced card service enables customers to withdraw cash from any ATM and make payments via Point of Sale (P...