AMEA Power signs agreements with Ethiopian Electric Power to develop a 300MW wind project in Ethiopia
AMEA Power, one of the fastest-growing renewable energy companies, announced today the signing of a Power Purchase Agreement (PPA) and Implementation Agreement (IA) with Ethiopian Electric Power to develop and operate a 300MW wind energy project in Ethiopia. This milestone marks a significant step forward in AMEA Power’s commitment to renewable energy and sustainability in Africa.
The signing ceremony, which took place on Saturday, August 17th 2024, was attended by H.E. Ato Ahmed Shide, Minister of Finance of Ethiopia; H.E. Sheikh Shakhboot Bin Nahyan Al Nahyan, Minister of State for Foreign Affairs of the UAE; H.E. Mohamed Salem Al-Rashedi, UAE Ambassador to Ethiopia; Mr. Ato. Ashebir Balcha, CEO of Ethiopian Electric Power; Mr. Ato. Abebe Gebrehiwot, Head of PPP DG, Ministry of Finance and Mr. Hussain Al Nowais, Chairman of AMEA Power.
The USD 620 million project, located in Aysha, Somali Region State, is expected to generate 1,400 GWh of clean energy annually, power more than 4 million households, and reduce carbon emissions by more than 690,000 tons annually. Furthermore, the project is expected to create more than 1,500 direct jobs during the construction and operation phases. This initiative will contribute to Ethiopia’s ambitious renewable energy targets and support the country’s economic growth and development.
Hussain Al Nowais, Chairman of AMEA Power, said: “The 300MW Aysha-1 Wind Project marks a significant milestone for AMEA Power as we sign the Power Purchase Agreement and Implementation Agreement in Ethiopia. This endeavour will be the largest wind farm in the Horn of Africa, setting a new benchmark for project-financed renewable energy in the country. This is more than just an energy project; it is a step towards a greener future for Ethiopia. We look forward to continuing our collaboration with our partners and stakeholders”.
This project was officially launched during COP28 in Dubai, where a Letter of Award (LOA) was signed between the Ministry of Finance, Ethiopian Electric Power and AMEA Power. This followed AMEA Power’s qualification under Ethiopia’s Public Private Partnership laws.
During the signing ceremony, the PPA was signed with Ethiopian Electric Power, the IA was signed with the Ministry of Finance of Ethiopia, and the Land Lease Agreement was signed with the Somali Region State Government.
AMEA Power will work closely with local communities as part of its commitment to socio-economic development and will undertake key social initiatives under its ‘Community Investment and Development Programs’, specifically addressing the core areas of education and water access.