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.Ethiopia’s Finance Minister Ahmed Shide and Executive Director at Masdar Fawaz Al Muharrami signed the joint development agreement the sidelines of the 2023 Abu Dhabi Sustainability Week, Ethiopia’s Ministry foreign Affairs said on Wednesday in a statement.
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.