From: News Release – African Press Organization (APO)
$1.26bn funding for the Ethiopia – Kenya high-voltage transmission line, due for completion in 2015
ADDIS ABABA, Ethiopia, October 30, 2013/ — In recent years Ethiopia has transformed itself into a regional player, securing $1.26bn funding for the Ethiopia – Kenya high-voltage transmission line, due for completion in 2015. Once completed, the economic benefits for Ethiopia and its neighbouring economies will be felt far and wide.
The project is co-funded by the World Bank, the African Development Bank, the French Development Agency and the Ethiopian and Kenyan governments, and is already resulting in valuable tenders. Construction companies should pay considerable attention to these opportunities and how this will open up the market to the private sector.
Additionally, the $289 million Ashegoda wind farm was inaugurated three days ago, contributing 120MW to Ethiopia’s national grid- further showcasing the strength of the partnership between Ethiopia and its international donor communities.
Most recently, the ground-breaking partnership with US-Icelandic firm Reykjavik Geothermal was established to build Ethiopia’s first private power project; at 1000MW, the largest geothermal facility in Africa. Totalling $4 billion private sector investment, it is projects such as these which will enable Ethiopia to tap into its vast geothermal power resources and open up the private power market.
Also in Ethiopia’s impressive project pipeline is the 6000 MW Ethiopian Grand Renaissance Dam, potentially the largest hydroelectric power plant in Africa. This will be wholly funded by the Ethiopian government at a cost of $4.8 billion and scheduled for completion in 2017.
According to Prime Minister Hailemariam Desalegn, Ethiopia’s economy is set to maintain a growth rate of 11 percent in 2013/14 with prominent plans to upgrade infrastructure as a priority focus in its annual budget.
To support these goals, the Ministry for Energy is again supporting the second Powering Africa (http://www.poweringafrica-ethiopia.com): Ethiopia Executive Meeting in Addis (28 – 29 November 2013) where His Excellency Alemayehu Tegenu, Ethiopia’s Minister for Water and Energy and Miheret Debebe, CEO at the Ethiopian Electric Power Corporation (EEPCO) will join other stakeholders, investors and technology providers to discuss specific project tenders and the path forward. The meeting will provide direct insights on how government is working towards attracting Foreign Direct Investment and seeking tangible investor solutions in what has traditionally been a public sector dominated market.
To view the full speaker list for this event, please visit http://www.poweringafrica-ethiopia.com
Event dates: 28-29th November 2013
Event location: Radisson Blu hotel, Addis Ababa
Event website: http://www.poweringafrica-ethiopia.com
Distributed by APO (African Press Organization) on behalf of Clarion Events.
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