Ethiopia has entered into an agreement with UAE’s renewable energy company Masdar to jointly develop two solar photovoltaic (PV) plants with a combined capacity of 500 megawatts (MW) in the East African nation.
Finance Minister Ahmed Shide and Executive Director at Masdar Fawaz Al Muharrami signed the joint development agreement on the sidelines of the 2023 Abu Dhabi Sustainability Week.
As per the agreement, the two parties will jointly develop two Solar power projects in Ethiopia with a total power production capacity of 500MW.
Prime Minister Abiy Ahmed was pleased to witness the signing of the agreement along with UAE President Sheikh Mohamed Bin Zayed in Abu Dhabi on Tuesday.
The projects, according to the PM, will help Ethiopia to utilize its “unparalleled renewable energy resources”.
“The global net zero emission target offers a great economic opportunity to harness our renewable resources and ensure access to abundant, clean, and affordable energy for Ethiopia and beyond,” Abiy said.
Ethiopia and UAE have recently formed a strategic partnership envisioning bolstering their trade and investment ties. The latest deal is expected to increase their area of cooperation further.
The Ethiopian Investment Holdings (EIH), a government investment arm, is currently “working closely with institutional investors of the UAE” to explore opportunities in renewable energy, real estate, agriculture, and other sectors in Ethiopia, according to Abiy.
“As Ethiopia looks to unlock its vast resources and assets through investment, we are inspired by UAE’s success in building institutions that bring the best of global good practices for rigor and accountability,” Abiy said during a leaders’ summit on Monday
The PM returned to Addis Ababa on Tuesday evening after a two-day long stay in the United Arab Emirates.
Featured Image: Prime Minister Abiy and President Bin Zayed witnessed the signing of the agreement in Abu Dhabi on Tuesday. [Photo PMoE]
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