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

Construction Sector Faces 'Serious Trouble,' Minister Warns

The construction industry in Ethiopia is in "serious trouble," said Chaltu Sani, Minister of Urban & Infrastructure Development, citing major challenges with finance, competitiveness and material costs. Speaking at the opening of the BIG 5 Construct Ethiopia expo and the inaugural East African Infrastructure & Water Expo at Millennium Hall last week, Chaltu stressed the need for concerted efforts from government, private sector, and international partners to support the 67 billion dol...


Radar

Wegagen Bank, Gift Real Estate Partner to Promote Diaspora Homeownership

Wegagen Bank S.C. and Gift Real Estate Plc. signed a Memorandum of Understanding (MoU) on June 23, to offer housing loans for homebuyers, with a special focus on the Ethiopian diaspora. The agreement enables eligible diaspora members to access loans covering up to 80pc of a home's value at reasonable interest rates. The bank's Deputy CEO Kidane Gebreselassie noted the deal will promote the real estate sector and expand homeownership options. Founder and CEO of Gift Real Estate, Gebreyesus Igata...


Radar

Jimma University Signs Sports Science Agreement to Strengthen National Programmes

Jimma University has signed a four-party Memorandum of Understanding (MoU) with the Ethiopian Academy of Sciences, Derartu Tulu Sports Training & Research Institute, and the Oromia Youth & Sport Bureau to advance Ethiopia's sports science and training capacity. Signed on June 26, the agreement includes joint research, shared facilities, and hosting of national and international competitions. It is expected to strengthen youth development, public health, and national pride through coor...