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The Ethiopian Electric Power Corporation (EEPCo), has secured external financers for the realization of the Aysha Wind Farm.
The largest wind power project in the Nation is part of a plan to develop green power and it has now been able to receive money from the European Investment Bank and a Chinese financial firm.
Sources at EEPCo n told Capital that the construction of Aysha Wind Farm, which will be handled by the Ethiopian Metal Engineering Corporation (MetEC), will be begin this fiscal year.
Expected to start a year ago it will produce 300MW when completed. Various international financiers were interested in Aysha, located in Afar regional state close to the Djibouti border. However, EEPCo was waiting to obtain a favourable interest rate. “We were looking for a financer with the best offer,” a high official at the corporation told Capital. The official said that Aysha is a highly feasible wind farm, and the country’s largest and hence was expected to attract international interest.
He said that currently the corporation has agreed with the two financers for an undisclosed amount of money.
According to experts, Aysha can easily connect with regional grid to Djibouti.
“This is highly feasible,” the expert explained.
“It is able to attract international financiers because it is reliable and realistic,” Mihiret Debebe, Chief Executive Officer (CEO) of EEPCo, said recently. “Energy export is a viable source of collateral for external loan providers,” Mihret said.
“Aysha attracted financers because of its proximity to the transmission line for Djibouti,” he explained.
MetEC will be the first company to manage this type of wind power endeavour.
The 120 MW Ashegoda wind power plant and the 51MW Adama wind farm constructed by French and Chinese firms respectively have begun operating.
Adama II and Assela, two other wind power projects that will produce 153 and 100 MW respectively are expected begin operation before the end of the GTP. In the last year of the GTP, the country will able to produce 724MW electric power from these wind farms. EEPCo plans to generate up to 10,000MW by 2015.