Ethiopian Electric Power (EEP), in collaboration with the Ministry of Finance (MoF), has successfully concluded a high-level lenders’ due diligence meeting for the Aysha 1 Wind Power Project at the Sheraton Addis Hotel.
The two-day engagement marks a significant milestone toward achieving financial close for the 300 MW Aysha 1 Wind Power Project—the country’s first utility-scale renewable energy project developed under a Public-Private Partnership (PPP) framework.
With an estimated investment of USD 620 million, the flagship project is being developed by AMEA Power in partnership with the Government of Ethiopia. The project follows the signing of the Power Purchase Agreement (PPA) and Land Lease Agreement in August 2024.
During the meeting, the African Development Bank (AfDB) and the International Finance Corporation (IFC) were confirmed as Mandated Lead Arrangers, underscoring strong international confidence in Ethiopia’s renewable energy agenda.
Speaking at the event, H.E. Ahmed Shide, Minister of Finance, reaffirmed the government’s commitment to PPPs as a strategic mechanism for closing infrastructure financing gaps. He highlighted ongoing macroeconomic reforms, including foreign exchange liberalization, aimed at enhancing investor confidence.
The National Bank of Ethiopia (NBE) provided clarity on regulatory matters related to offshore transferability and currency convertibility, addressing key concerns of international lenders.
The Somali Regional State, where the project is located, also reiterated its support. Vice President Mr. Ibrahim Osman Farah assured stakeholders of a stable investment environment and pledged full cooperation in land provision and regional coordination.
Mr. Ephrem Woldekidan, Deputy CEO of EEP’s Generation Business Sector, noted that Aysha 1 forms part of a broader pipeline of 20 PPP/IPP projects with a combined capacity of approximately 3,000 MW, designed to diversify the national energy mix and reduce reliance on public financing.
Once operational, the Aysha 1 Wind Power Project will supply 300 MW of clean energy to the national grid and serve as a model for future privately financed renewable energy initiatives. A final site visit to Aysha Woreda by technical teams and lenders is scheduled in the coming days to conclude remaining due diligence processes.
