The Chinese company Ming Yang Group, which recently signed a major renewable energy investment agreement at the 4th Invest in Ethiopia Forum, is set to invest a total of $14 billion in in solar, wind farm and electricity transmission, among others.
The massive project will be implemented in two major sectors. In the first phase, with an investment of $7.47 billion, the company plans to generate 8.4 gigawatts of electricity from wind and solar energy in the South Omo, Afar, and Somali regions.
In the second phase, with an investment of $7.3 billion, the company will engage in green ammonia production, electricity transmission, and the manufacturing of wind power equipment.
Although the company had previously signed an agreement worth $10 billion, it has now increased its investment by an additional $4.1 billion, bringing the total planned investment to more than $14 billion. This was announced by Zeleke Temesgen, Commissioner of the Ethiopian Investment Commission, who spoke with to state media, FM Addis 97.1.
The commencement of this investment is expected not only to generate significant foreign currency earnings for the country, but also to create new employment opportunities for thousands of citizens and facilitate modern technology transfer in the renewable energy sector.
This development also demonstrates the growing confidence of international investors in the economic reforms being implemented in Ethiopia. It was further noted that seven other companies that signed agreements during the forum are also currently undergoing similar licensing procedures.
It is recalled that a total of seven investment agreements worth $13.1 billion were signed during the 4th Invest in Ethiopia Forum.
