EIB Interested in Financing Ethiopian Wind Energy Project

The European Investment Bank has decided to finance the Aisha I wind farm project being constructed by the Ethiopian Electric Power Corporation.

A range of different financiers have been in touch with the Ethiopian Electric Power Corporation in financing the wind farm projects launched by the corporation according to Mihret Debebe, Chief Executive of the EEPCo.

The corporation was informed by the EIB that it was interested in financing the Aisha I wind farm project and that the investment bank will commence project appraisals in the near future said Mihret.

The China Export Import Bank has also expressed interest in financing the Aisha I and II wind farm projects with appraisals expected soon he added.

The project designed to be constructed on the Djibouti Road from Dire Dawa is intended to have three plants each with the capacity to generate 100 Mega Watts. The project is highly feasible and is intended to generate the large amounts of energy required for the Ethio-Djibouti Road Corporation according to Mihret.

It is to be remembered that EEPCo signed an agreement for the construction of Adama II Wind Power Generation Project with Chinese company GCOC, last month. The agreement worth 340 million US dollars was signed by Mihret Debebe Chief Executive of the EEPCo and Wang Yantao, manager with GCOC.

The power project, which is an extension of the Adama I Wind Power Project is expected to play an important role in effecting the economic transformation of the country said Mihret at the time.

The projects will supply power for the industrial activities in Adama town and the surrounding areas. The national potential for generating wind energy has been projected to be significant according to Mihret.

The wind power projects will contribute to alleviate the general energy shortage in the country said Wang Yantao, General Manager of Sino-Africa Renewable Energy Engineering Corporation plc. China is committed to support Ethiopia’s industrialization plans for the coming ten years he said.