East African country courts Russian investment – minister
Ethiopia is interested in Russian investment and is inviting companies to help expand its power generation, the country’s industry minister Melaku Alebel told RIA news agency on Tuesday.
The development of the electricity sector is a priority for the East African country, according to the official.
In order to boost its energy sector Ethiopia needs “additional capacity of water, solar and wind energy and we invite Russian investors” to carry out projects in the country, Alebel said on the sidelines of Russia’s major industrial fair INNOPROM.
Power distribution is another area open to investors, the minister added, saying that “if there are companies with necessary experience that want to do business in Ethiopia, this sector also provides investment opportunities.”
Ethiopia has abundant renewable energy resources with the potential to generate over 60,000 megawatts (MW) of electric power from hydroelectric, wind, solar and geothermal sources, according to official estimates.
Electricity demand in the East African country, which has a population of 120 million, has been steadily increasing as a result of Ethiopia’s rapid GDP growth over the previous decade.
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