Israeli businessmen unveil new investment plan on solar energy generation in Ethiopia

Addis Ababa, May 28, 2022 (FBC) – The representatives of “10 Green Gigawatt for Ethiopia” initiative presented their investment plan to start an Ethiopian engineering company funded by Israeli investors.

Reta Alemu Nega, Ambassador of Ethiopia to Israel, explained the legal framework on foreign investments in Ethiopia and stressed that Ethiopia has abundant renewable energy resources, which should be explored to accelerate Ethiopia’s prosperity.

Ambassador Reta noted, “Ethiopia is known as a nation with thirteen months of sunshine; hence solar power production will help the country to enhance its economic and social development goals”.

During the meeting, Mikael Alemu, the CEO of “10 Gigawatt initiative”, presented a briefing on the projects developed by the group.

He elaborated on the business plan for “10G Premium Solar” engineering company, which will mainly focus on agriculture, health, tourism and manufacturing sectors, and implementing projects ranging from 50 Kwh to 5 Mwh.

The company is planning to develop local Ethiopian manufacturing and assembly of solar components, establish local workshop, and strengthen local professional capacity in areas of solar energy.

Both parties have concluded that the successful development of “10 Green Gigawatt for Ethiopia” initiative is essential for the development in this sector.