Reykjavik Geothermal to Begin Exploration Drilling for 4.4bn Energy Project in EthiopiaReykjavik Geothermal, a power developer backed by hedge fund billionaire Paul Tudor Jones II, is about to kick off a $4.4 billion project to bring volcanic energy to Ethiopia.

Tapping long-built Icelandic expertise in channeling volcanic power, the developer is preparing to start exploration drilling in September for two 500-megawatt plants in Corbetti and Tulu Moye, south of the capital Addis Ababa.

At full-scale, each project would become the largest independent power producer in Africa, according to RG. The Reykjavik-based company’s exploration teams have picked spots to drill where they can see steam rising from the ground, according to Bloomberg.

“All the results from the surface exploration work indicate that we are developing projects in a huge caldera, huge active volcanoes which can sustain at least 1,000 megawatts or more,” Gunnar Orn Gunnarsson, RG’s chief operating officer, said in an interview in Reykjavik.

The projects would become a vital cog in Ethiopia’s drive to become a middle-income country by 2025.

See More at: https://fanabc.com/english/2019/05/reykjavik-geothermal-to-begin-exploration-drilling-in-sep-for-4-4bn-energy-project-in-ethiopia/

 

 

EIC Launches Online Investment Service PlatformEthiopian Investment Commission (EIC) has launched an online service platform where investors can apply for new investment license and renewing investment permit.

The platform aimed at providing efficient and reliable investment for investors regardless of geographical locations, according to EIC Commissioner, Abebe Abebayehu.

Addressing the ceremony, Commissioner Abebe said that the online platform will allow foreign investors to be able to access and register their new investment licenses from the comfort of their offices and be able to renew their licenses as well.

In addition, application for tax holiday incentive support of eligible projects, application for duty-free incentive support qualified projects were among the other services mentioned.

During the occasion, Senior Private Sector Specialist, East Africa, International Finance Corporation, at World Bank Group, Heinz-Wilhelm Strubenhoff said the online platform will have of a paramount importance to save time, effort and cost.

Accordingly, the online service will complement the ongoing reforms. “We are happy to invite the whole world to this country,” he noted.

The Chinese language Web-portal also launched alongside the investment online service platform during the occasion. Commissioner Abebe also noted that we believe this portal will give Chinese investors all the required information to invest in Ethiopia.

 

ADBs Sustainable Energy Fund Approves about One mln USD Grant to EthiopiaThe Sustainable Energy Fund for Africa (SEFA), managed by the African Development Bank has approved close to one million USD grant to support the roll out of a sustainable procurement framework for Independent Power Producers (IPPs) in Ethiopia.

SEFA has approved 995,000 USD grant that will encourage private investments into hydro power projects through Ethiopia’s Renewable Energy Program.

The Bank’s acting Vice President for Power, Energy, Climate Change and Green Growth, Wale Shonibare said “well-structured procurement framework is crucial in mobilizing the investments necessary to achieve universal energy access in Africa.”

The SEFA program will boost private IPPs participation, and spur investments into the Ethiopian hydro power sector, he added.

As Ethiopia has a vast but untapped renewable energy potential, the government has outlined a National Electrification Program (NEP), targeting universal access by 2025 through a 65% on-grid, and 35% off grid combination. The goal is to transform the country into a regional energy hub by 2030.

See More at: https://www.ena.et/en/?p=7911

 

Isuzu Motors To Open Assembly Plant in EthiopiaIsuzu Motors Ltd said it has finalized preparations to open a vehicle assembly plant in Ethiopia in August 2019.

Mr. Taro Kunifusa, General Manger of the company, announced the plan during the talk he had with Ambassador of Ethiopia to Japan, Kassa Tekleberhan.

A Japanese vehicle manufacturer, Isuzu Motors supplies a wide range of products to the Ethiopian market, trucks in particular.

“We want to engage in other investment sectors to take advantage of Ethiopia huge market potential. We have finalized preparations to open a vehicle assembly plant in August 2019” he said.

Ambassador Kassa assured the company of government’s commitment to provide the support the company needed to set up an assembly plant.

The ambassador also briefed other officials of the company about the investment opportunities in Ethiopia, according to Ethiopian Embassy in Tokyo.

See More at: https://fanabc.com/english/2019/05/isuzu-motors-ltd-to-open-assembly-plant-in-ethiopia/

 

American Menswear Clothing Company Begins Exporting Products from EthiopiaThe Texas-based menswear clothing company, Trybus Group, has started exporting by dispatching 4,000 men’s suits worth 60,000 USD from Kombolcha on May 22, 2019.

The company has created 533 jobs in the first phase and plans to export more and generate better forex, it was learned.

When fully operational, it will create 1000 jobs.

Kombolcha Industrial Park CEO, Mulugeta Mekonnen said the park with 9 shades was transferred to 5 investors and 3 of them have been exporting their products to Far East, Europe, U.S and other countries.

See More at: https://www.ena.et/en/?p=7911