Chinese renewable energy manufacturer Ming Yang Smart Energy Group has obtained an investment licence from the Ethiopian Investment Commission (EIC) for a $14.1 billion clean energy and industrial development project in Ethiopia, which includes 2.8GW of solar PV capacity.
The EIC stated that the licence comes after an initial $10 billion investment agreement signed during the 4th “Invest in Ethiopia” forum earlier this year, with the total planned investment increased by an additional $4.1 billion.
In the project’s first phase, Ming Yang will invest $7.47 billion to develop 8.4GW of renewable energy capacity across Ethiopia’s South Omo, Afar and Somali regions, consisting of 5.4GW of wind power and 2.8GW of solar generation assets. This initiative is part of Ethiopia’s efforts to expand domestic renewable energy capacity and strengthen its power infrastructure amid rising electricity demand.
For the second phase, Ming Yang plans to invest another $7.3 billion in green ammonia production, electric transmission equipment manufacturing and wind turbine equipment production. The EIC noted that the investments are expected to boost industrial development, create jobs, increase foreign exchange earnings and promote technology transfer.
