Australian Company Expresses Interest in Investing 10 Billion USD in Power Sector

Addis Ababa: The Australian company, Fortescue Metals Group Ltd. has expressed its interest to invest 10 billion USD and generate 15 gigawatts hydro power and 10 gigawatts geothermal energy.

Following the discussion held with representatives of the company at Sheraton Hotel yesterday, Water, Irrigation and Energy Minister Sileshi Bekele said this is a big opportunity for Ethiopia.

In order to improve the existing 45 percent access to electricity in Ethiopia, the government is undertaking reforms and efforts are underway to increase access to electricity through developing renewable energy, supporting the sector through finance and engaging the private sector as well as building strong institutions, he added.

The minister stated the initiative of the company is hugely significant, especially at a time when the country is aspiring to increase access to electricity to 100 percent by 2030.

Sileshi added that Ethiopia has been exporting 350 MW to neighboring countries, and it has plans to double this within few years.

 

Source: Ethiopia News agency