State-owned UAE renewable energy company Masdar has signed an agreement with Ethiopia to build 500MW of new solar capacity in the country. The agreement was signed by Sheikh Mohammed bin Zayed Al Nahyan, president of the UAE, Sheikh Mansour bin Zayed Al Nahyan, vice-president of the UAE, and Abiy Ahmed Ethiopian prime minister, as part of the UAE leadership’s visit to Ethiopia. The involvement of foreign companies, such as Masdar, could be crucial to this end. A UN report noted that Ethiopia would require US$5.7 billion of investment to reach its 2030 energy goals, so overseas investment could be necessary to meet these targets.
- Masdar to build 500MW of solar capacity in Ethiopia