The China Export Import Bank and The European Investment Bank rush to invest in energy sector of Ethiopia
Addis Ababa/NationalTurk – The China Import Export Bank EXIM and the European investment Bank EIB have expressed strong interest in financing Ethiopia’s proposed Aysha I Wind Farm project.
The proposed site for the wind farm is located in the east of Ethiopia close to the borders of Djibouti and Somaliland which is a strategic location of the wind farm to offer the possibility of power export via the 230 KV transmission line that is connected to Djibouti.
The project is expected to add up to 300MW clean wind energy to the Ethiopian electricity grid by making use of Ethiopia’s considerable wind power resources in the east African region.
The Aysha Wind Power Project is a construction of three plants which was launched by the Ethiopian Electric Power Company EEP and has seen multiple significant foreign investors expressing interest to finance the project.
Chief Executive Officer of the Ethiopian Electric Power Mihret Debebe told local reporters that the European Investment Bank has approached the electricity provider with a view to investing in the new wind farm.
Mr. Debebe went on to reveal that China’s Exim bank is also keen to finance both the Aisha I and Aisha II wind farm projects with strong indication to the Ethiopia Electric Power EEP that the projects appraisals will start very soon for funds to be made available to execute the project.
Ethiopia has of late launched a series of wind power projects with a view to improving power supplies across the country in a bid to fuel the economic growth of the country.
Last month the Adama II wind power project got under way as the EEP signed a $340 million deal with China’s GCOC for the construction of the plant.
This Adama II project will extend to the Adama I operations, the two plants billed to provide enough needed energy for the proper supply of power to industries in the Adama region to facilitate their operation.
Issaka Adams/NationalTurk Africa Business News
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