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Ming Yang Secures Ethiopia License for $10 Billion Renewable Deal

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Offshore wind power firm Ming Yang secured an Ethiopian investment license after signing a $10 billion investment agreement at the fourth Invest in Ethiopia Forum, the Ethiopian Investment Commission said Monday.

The company signed the largest agreement at the fourth edition of the Invest in Ethiopia Forum, where seven firms committed a combined $13.1 billion.

Ming Yang will spend $7.47 billion in the first phase to build renewable energy projects with 8.4 gigawatts of capacity across Ethiopia's South Omo, Afar and Somali regions.

The project will generate 5.4 GW from wind facilities and 2.8 GW from solar plants as Ethiopia expands large-scale clean energy production, according to the commission.

Ming Yang raised its original $10 billion commitment by another $4.1 billion.

The company will direct $7.3 billion toward green ammonia, electric transmission equipment and wind turbine manufacturing in the project's second phase.

The commission said the projects will support industrial growth, create jobs, strengthen technology transfers and increase foreign exchange earnings as Ethiopia pushes economic reforms and attracts foreign investment.

Five companies from the third edition of the Invest in Ethiopia Forum have started operations and begun exporting products to global markets, strengthening Ethiopia's position as a growing industrial and investment hub, the commission added.

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