The Ethiopian Investment Commission (EIC) announced today that the Chinese renewable energy company Ming Yang Smart Energy Group Ltd., which secured the largest share at the 4th “Invest in Ethiopia” Forum, has officially received its investment license. This follows the signing of a major investment agreement earlier this year.
As one of the largest investors participating in the forum, the company had initially signed a USD 10 billion investment agreement with the Ethiopian government. According to the Commission, the total planned investment has now increased by an additional USD 4.1 billion.
Ming Yang plans to develop a large-scale renewable energy project with a total generation capacity of 8.4 gigawatts (GW) and an investment of USD 7.47 billion. Of the total capacity, 5.4 GW will come from wind power projects, while 2.8 GW will be generated from solar energy installations.
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The renewable energy projects are set to be implemented across Ethiopia’s South Omo, Afar, and Somali regional states, supporting the country’s efforts to expand clean energy generation and strengthen power infrastructure.
In the second phase of its investment, the company plans to invest USD 7.3 billion in green ammonia production, electric transmission equipment manufacturing, and wind turbine equipment production.
The Commission noted that other companies that signed agreements during the 4th “Invest in Ethiopia” Forum are currently in the process of securing their investment licenses. According to the EIC, five companies that signed agreements during the 3rd edition of the forum have already begun operations and are exporting products to international markets, further strengthening Ethiopia’s position as an emerging destination for industrial investment.
