In a major step toward sustainable development, Ethiopia has attracted $1.75 billion in investments from five Chinese companies, focusing on solar-cell manufacturing, energy storage, and mineral exploration.
The announcement was made by Finance Minister Ahmed Shide, who emphasized the critical role these investments will play in expanding Ethiopia’s renewable energy infrastructure and tapping into its mineral resources.
One of the key investors is CSI Solar Co., a Shanghai-listed company majority-owned by Canadian Solar Inc., which plans to invest $250 million in a plant for the manufacturing of solar modules and energy storage systems.
This aligns with Ethiopia’s national goals to diversify its energy mix and reduce dependence on traditional energy sources.
In the mining sector, Sequoia Mining & Processing Plc has committed $600 million toward coal exploration, marking a significant step in diversifying the country’s energy and extractives industries.
Additional investors include Hainan Drinda New Energy Technology Co. and Toyo Solar Manufacturing One Member Plc, both of which are pursuing solar manufacturing projects that are expected to position Ethiopia as a regional leader in clean energy production.
Meanwhile, Hua Ye Mining Processing Co. has announced a $500 million investment in mineral exploration and processing, along with the development of a special economic zone.
This underscores Ethiopia’s strategic intent to leverage its vast mineral wealth as a catalyst for industrialisation and long-term economic growth.
According to Zeleke Temesgen, a commissioner at the Ethiopian Investment Commission, the licensing process for these companies is currently underway.
Once finalized, the projects are expected to generate substantial employment opportunities, enhance technology transfer, and contribute significantly to Ethiopia’s sustainable development goals.
