Ethiopia is set to receive a significant boost to its renewable energy and mineral industries, with five Chinese firms committing a combined investment of $1.75 billion, according to Finance Minister Ahmed Shide.
The investment package, which is currently undergoing local licensing procedures, spans solar-cell manufacturing, mineral exploration, and the development of a dedicated economic zone.
Among the key investors is CSI Solar Co., a Shanghai-listed firm majority-owned by Canadian Solar Inc, which plans to inject $250 million into building a facility for solar modules and energy storage solutions.
In the mining sector, Sequoia Mining & Processing Plc has pledged $600 million toward coal exploration efforts, signaling growing interest in Ethiopia’s untapped mineral resources.
Additionally, Hainan Drinda New Energy Technology Co. and Toyo Solar Manufacturing One Member Plc are pursuing solar technology projects, further strengthening Ethiopia’s renewable energy ambitions.
Meanwhile, Hua Ye Mining Processing Co. aims to invest $500 million in mineral processing and infrastructure development, including the creation of a special economic zone focused on mining and resource logistics.
“The licensing process is underway, and we are working closely with all stakeholders to ensure a smooth entry for these investors,” said Zeleke Temesgen, Commissioner at the Ethiopia Investment Commission.
The anticipated investments align with Ethiopia’s broader strategy to diversify its economy, attract foreign capital, and promote green energy technologies. Officials view the initiative as a strategic partnership that could stimulate local employment, infrastructure development, and long-term industrial growth.