Fed Inks Deal to Build Solar Power Plants

Jan 21 , 2023

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.


Premier Pushes Domestic Drug Production

A six-day domestic pharmaceutical production and innovation expo was inaugurated by Prime Minister Abiy Ahmed (PhD) last week. More than 110 local pharmaceutical manufacturers participated at the Millennium Hall on Airport Road. Recently appointed Minister of Health Meqdes Daba (MD), said local production of pharmaceuticals has become a cornerstone of health policy, which received approval from the Council of Ministers a month ago. However, a report from the Global Fund For Health last year r...


AFDB Lauds $8m for Solar Mini-Grid

Around half a million people foresee benefits from the pilot mini-grid built across nine sites in Amhara, Oromia, Sidama, and the Southern regional states. African Development Bank Group has approved eight million dollars in finance to support the project under the Distributed Renewable Energy & Agriculture Modalities (DREAM) program. The DREAM project, with a total budget of 20 million dollars through concessional loans, grants, and risk mitigation, will cover half of the mini-grid capital...


Parliament Approves $275m Loan for Urban Project

A  275 million dollar loan agreement was approved by Parliament last week, to support the second phase of the Urban Water Supply & Sanitation Project. Set to be implemented over the next three years, the project follows negotiations between Ethiopia and the International Development Association (IDA). The Chief Whip Tesfaye Beljige (PhD), presented details of the loan agreement to lawmakers and said that the project focuses on enhancing the supply of clean drinking water and improving sa...