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.
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