Ethiopian Geothermal Is Private Equity’s Next $4-Billion Bet

February 5, 2018

6:00 am

Ethiopian Geothermal Is Private Equity’s Next $4-Billion Bet

Source: Bloomberg
By Anna Hirtenstein
February 5, 2018, 6:00 AM GMT+1
From Climate Changed

→ Billionaire hedge fund manager backing power developments

→ Ethiopia’s government planning to quadruple power supply

U.S. private equity and hedge funds are backing an effort by Ethiopia to turn itself into an exporter of electricity to the region, channeling at least $4 billion into geothermal projects across the nation.

The Ethiopian government has signed 25-year power purchase agreements with Reykjavik Geothermal Ltd., a developer led by Michael Philipp, the former head of Europe, Middle East and Africa for Credit Suisse Group AG. The company is backed by by billionaire hedge fund manager Paul Tudor Jones and Ambata Capital Partners, an investment firm run by Philipp.

Seleshi Bekele, the electricity and water minister, is seeking to quadruple Ethiopia’s power generation by 2020 and expand power sales abroad that now bring in about $90 million a year. The government also is seeking to bring power to all households by 2025, up from about 30 percent currently. Read more…

Archive

January 21, 2024

11:04 am

People celebrate Timket in Addis Ababa, Ethiopia

People celebrate Timket, the annual Ethiopian Epiphany festival, in Addis Ababa, the capital of Ethiopia, Jan. 20, 2024.

September 11, 2021

1:04 pm

Ethiopia: The country where a year lasts 13 months

The Ethiopian calendar is also seven years and eight months behind the Western calendar, making Saturday the start of 2014.

July 20, 2021

12:46 pm

France’s Orange submits interest for stake in Ethio Telecom – official

France’s telecom firm Orange has submitted an expression of interest to participate in the ongoing partial privatisation of Ethiopia’s Ethio Telecom firm, Ethiopia’s ambassador to Paris said on Twitter on Tuesday.

March 7, 2021

7:05 pm

Ethiopian Airlines Delivers First Batches Of Vaccine In Ethiopia

Today marked a milestone moment for Ethiopia and its flag carrier. The country received 2.184 million doses of the coronavirus vaccine through the COVAX global vaccine-sharing initiative. These doses were brought in by Ethiopian Airlines.

February 20, 2020

12:44 pm

Ethiopian 18th Century crown returns home from Netherlands

An 18th Century Ethiopian crown has been returned home after being hidden in a Dutch flat for more than 20 years…

October 11, 2019

4:38 pm

Ethiopian Prime Minister wins Nobel Peace Prize

The Nobel Peace Prize was awarded to Ethiopian Prime Minister Abiy Ahmed

October 9, 2019

1:24 pm

Ethiopia Could Sell Majority Stake in State Telecom Monopoly

Ethiopia may give up majority control over its telecommunications monopoly in a second phase of privatization once it’s sold 49% of the company next year…

September 11, 2019

2:09 pm

Happy Ethiopian New Year 2012

Dr. Arvid Hogganvik is a medical doctor born and raised in Ethiopia. He is of Norwegian descent and currently lives in Norway. His family and siblings celebrate The Ethiopian New Year. His parents came to Ethiopia from Norway in 1949 along with their two children and then the third child, Arvid Hogganvik , was born… View Article

August 2, 2019

12:07 pm

Ethiopia plants over 350 million trees in a day, setting new world record

Over 350 million trees were planted in an ambitious move to counter the effects of deforestation and climate change.

June 30, 2019

12:34 pm

Liya Kebede’s brand Lemlem offers Ethiopian craftsmanship that sells

When supermodel Liya Kebede was growing up in Addis Ababa, she wore comfortable Ethiopian clothing — ample dresses made from strips of woven cotton sewn together.

May 11, 2019

11:49 am

Ethiopia’s garment workers make clothes for some of the world’s largest clothing brands but get paid the lowest

Ethiopia has positioned itself to become one of the world’s top exporters of textile and garments…

March 26, 2019

10:50 am

Ethiopia: Africa’s next powerhouse?

Ethiopia has been one of the continent’s best economic performers, growing at a rate of 10 percent for the past 15 years…

March 11, 2019

10:15 am

Ethiopian Airlines: Africa’s largest airline

Voted the Best Airline in Africa in 2018, the airline’s triumphs are arguably down to reasonably priced tickets, efficient service delivery, a good safety record and a wide network of flights…

February 9, 2019

7:00 am

Camping with wolves and dancing with AK47s: the hidden treasures of Ethiopia

[A]s a plan it sounded much like a Sunday in Hampshire. So you can understand my concern when I saw the man holding a carrier bag full of old rope.

October 11, 2018

10:58 am

Meet the 19-year-old tech genius coding at Ethiopia’s first AI lab

At 19-years-old, Betelhem Dessie is perhaps the youngest pioneer in Ethiopia’s fast emerging tech scene, sometimes referred to as ‘Sheba Valley’…

September 8, 2018

9:50 am

A backpacker’s guide to Ethiopia: a one-month itinerary

Full of natural wonders and ancient culture, this vast country is also home to booming cities and a youthful population. Explore it with our guide on where to go, what to see and where to stay

May 23, 2018

8:17 am

Ethiopian Airlines positions itself to take over Africa’s skies with ambitious plans

The state-owned Ethiopian Airlines, Africa’s largest carrier by number of passengers, according to FlightGlobal…

April 17, 2018

1:30 am

IMF Sees Ethiopia Beating Ghana as Fastest-Growing Africa Economy

Ethiopia Overtakes, Ghana loses No. 1 sub-Sahara spot as IMF revises 2018 economic growth forecasts…

April 6, 2018

7:29 am

Ethiopian Airlines’ Dreamliners will fly to Chicago

Chicago has become one of the newest dots on Ethiopian Airlines’ global flight map…

March 2, 2018

10:00 am

China Is Turning Ethiopia Into a Giant Fast-Fashion Factory

The project is Beijing’s big experiment in outsourcing, and a $10 billion shot in the arm for the African nation—if there isn’t a civil war first…

February 27, 2018

1:06 am

Africa’s real Wakanda and the struggle to stay uncolonized

Source The Washington Post By Paul Schemm ADDIS ABABA, Ethiopia — The Marvel Comics movie “Black Panther” has wowed audiences across the United States and around the world, including Africans who have cheered on the African superheroes and their fictional Kingdom of Wakanda. There is a little something for everyone in Wakanda for Africans. The… View Article

February 5, 2018

8:35 am

Addis Ababa: 10 best things to do in Ethiopia’s capital

Rambunctious, manic, beguiling, exciting — it’s hard to accurately describe Addis Ababa…

February 5, 2018

6:00 am

Ethiopian Geothermal Is Private Equity’s Next $4-Billion Bet

an effort by Ethiopia to turn itself into an exporter of electricity to the region, channeling at least $4 billion into geothermal projects across the nation…

January 17, 2018

5:30 am

Ethiopia: where living treasures thrive among ancient attractions

The old man’s face was beautiful, although it was etched with deep furrows — no doubt the result of having lived through droughts, famines and 17 years of a brutal and paranoid communist government that has slaughtered half a million of his countrymen…

January 1, 2018

11:06 am

Meet Samuel Tafesse, The Ethiopian Multi-Millionaire Who Built Africa’s First Marriott Hotel

Apart from Saudi-Ethiopian billionaire Mohammed Al-Amoudi, Samuel Tafesse is arguably the most popular businessman of Ethiopian origin.

December 12, 2017

1:44 pm

Expanding consumer base lures investors to Ethiopia

The World Bank again declared that the Ethiopian economy would be Africa’s most expansive in 2017…

November 10, 2017

11:17 am

Chinese companies keep investing in Ethiopia

As Ethiopia strives to become the manufacturing hub of Africa, more and more Chinese companies are showing an interest in investing in the east African country …

October 16, 2017

8:54 pm

Ethiopia’s ‘super grain’ seeks to capture global market

As global demand for teff, Ethiopia’s gluten-free indigenous staple crop grows, officials and businesses are looking to tap the global market…

September 18, 2017

8:38 am

BBC launches services for Ethiopia and Eritrea

The BBC World Service has launched three websites for Ethiopia and neighbouring Eritrea as part of its biggest expansion since the 1940s.

September 7, 2017

10:16 am

Internet set to go through major surgery in October

It is an important security step since if Internet Service Providers (ISPs) do not have this new key, the Internet will not work for them or their customers, according to Mr. Dandjinou

August 19, 2017

12:35 pm

Ethiopia’s miraculous underground churches

I have always questioned God’s existence, but in the northern Ethiopian town of Lalibela, I was presented with fairly substantial evidence.

August 2, 2017

1:19 pm

Turkish construction giant mulls growth in Africa

Turkish construction giant Yapı Merkezi hopes a $3 billion modern railway-line project it is building in Ethiopia and Tanzania …

June 13, 2017

6:20 pm

Ethiopia Launches Online Entry Visa Application and Issuance (E-Visa)

The e- visa is processed and issued online on a single Web page where applicants apply, pay and secure their entry visa online.

May 23, 2017

11:28 am

Ethiopian Airlines’ Business-Class Goals Hit by Airbus Delay

Ethiopian Airlines was betting Airbus SE’s new A350 widebody would help it lure lucrative business-class passengers away from the likes of Emirates. . .

May 15, 2017

7:01 pm

Ethiopia aims at transforming speciality coffee market

Government reforms are designed to encourage farmers to produce more high-quality beans…

April 25, 2017

5:49 pm

Pizza Hut Enters Ethiopia in Latest Expansion Into Africa

Pizza Hut is set to open three outlets in Ethiopia this year, becoming one of the first international restaurant chains to enter Africa’s second-most populous country.

April 13, 2017

10:34 am

5 Fastest Growing Economies In The World

Ethiopia, the second-most populous Sub-Saharan African country with a GDP size of $61.54 billion (Rank: 73), is projected to grow annually at 8.7%

April 5, 2017

12:03 pm

Germany fosters change in Ethiopian textil industry

Germany fosters change in Ethiopian textil industry…

April 4, 2017

7:52 am

Norfund invests in a beef exporter in Ethiopia

Norfund has made a USD 7.4 million investment in Verde Beef Processing PLC, an Ethiopian beef producer. Verde Beef Processing PLC produces premium beef and aims to become the largest cattle processing operation in Eastern Africa with a target output of more than 130,000 carcasses per year. The capital provided by Norfund will help the… View Article

April 2, 2017

9:22 am

Ethiopia’s inhospitable Danakil Depression gives us clues about life on Mars

The Danakil Depression, including the Dallol volcanic area is one of the most remote, inhospitable and poorly studied areas in the world.

March 24, 2017

10:50 am

Ethiopian Airlines Inauguration Flight to Oslo

The Embassy participated in the inauguration of the Ethiopian Airlines flight to Oslo on Friday 24 March 2017. Read the speech made by the ambassador below.

March 2, 2017

2:00 pm

Fastest-Growing African Economy Has Banks Lining Up to Enter

Lenders are lining up to set up businesses in Ethiopia, one of Africa’s fastest-growing and most under-banked economies…

February 19, 2017

1:13 pm

你好 Ni hao! Ethiopian airport trains Chinese-speaking staff

ADDIS ABABA, Feb. 19 (Xinhua) — The airport of the Ethiopian capital Addis Ababa is training Chinese-speaking staff upon arrivals of more Chinese travellers…

February 13, 2017

4:36 pm

Israeli firm to build second sewage treatment plant in Ethiopia

The Caesarea-based firm is teaming up with partner TodayTomorrow Ventures Inc. in a $400,000 deal to construct a wastewater treatment facility at the EPRI 1 condominium complex in Addis Ababa.

February 5, 2017

12:05 am

From chefs to musicians, talented ‘re-pats’ come back to build a modern Ethiopia

Ethiopian Entrepreneurs who were educated overseas are returning home

January 31, 2017

11:12 am

Ethiopian shoe designer hopes for repeat success with coffee

Bethlehem Alemu’s shoes have been sold worldwide by Amazon (AMZN, Tech30), Urban Outfitters (URBN) and Whole Foods (WFM)…

January 19, 2017

10:27 am

Ethiopian to Open Seven New Destinations

Ethiopian envisages to reach 120 international destinations worldwide by the year 2025…

December 17, 2016

2:39 pm

Ethiopia opens massive Gibe 3 hydroelectric dam on Omo River

Ethiopia on Saturday officially opened the Gibe 3 hydroelectric dam, which is among the biggest in Africa…

November 2, 2016

8:49 pm

Addis Ababa welcomes new meter-run taxi services

Ethiopia has welcomed hundreds of new taxis…

October 6, 2016

11:56 am

Railway helps Ethiopia speed up industrialization

A $3.4 billion Chinese-built railway linking the Ethiopian capital Addis Ababa and the port city of Djibouti…

September 9, 2016

1:33 pm

East Africa: Airports Transforming Tourism Sector

Ethiopia seems awake to look in to its tourism potential. Along with the development of various tourist infrastructural facilities, the country is endeavoring to market the resource for economic development…

July 15, 2016

4:23 pm

The clean energy megaprojects powering Africa

Gibe III Hydroelectric Project, Ethiopia […] is expected to be in full operation by August, 2016. ..

June 26, 2016

10:25 am

Ethiopia is on track to become Africa’s industrial powerhouse

Ethiopia seems to be attracting the attention of economists interested in Africa, and for good reason…

May 2, 2016

1:31 pm

Ethiopian Airlines clinches cargo title

Ethiopian has been voted as the Best Cargo Airline of the Year …

April 27, 2016

1:35 pm

Four things to know about Ethiopia’s economy

Ethiopia, Africa’s second most populous nation, has transformed into one of the world’s fastest-growing economies…

February 29, 2016

10:46 am

Unlock the secrets of Ethiopia’s ancient writings

Source: CNN Native to Ethiopia, the Ge’ez is more than just an ancient, nearly forgotten language. It’s Ethiopia’s link to its distant past.

February 10, 2016

11:39 am

Ethiopia, Sweden to See Stronger Cooperation

Addis Ababa February 10/2016 The government of Sweden is interested to further strengthen all rounded cooperation with Ethiopia, according to the country’s Ambassador to Ethiopia…

February 4, 2016

5:45 pm

Investments: When Ethiopian giants dance

Ethiopia’s in the driving seat, as investors from East and West seize on opportunities in sectors ranging from construction to brewing…

February 1, 2016

2:55 pm

Lions rediscovered in Ethiopia’s Alatash game park

A previously unknown population of at least 100 lions has been discovered by a wildlife charity in a remote park in north-western Ethiopia…

January 12, 2016

10:18 am

An insider’s guide to shopping in Addis

With the headquarters of the African Union located in Ethiopia’s capital city, as well as an award-winning airline…

January 4, 2016

3:07 pm

Ethiopian Tourism expects the growth to double by 2016

December 2, 2015

12:32 pm

Taste for luxury: Ethiopia’s new wealthy elite spur housing boom

There are now 2,700 millionaires in Ethiopia, reflecting an increase of 108% between 2007 and 2013 — the fastest growth rate in Africa…

November 19, 2015

11:29 am

Ethiopia Airlines’ all women function flight setting the pace for the aviation industry

Ethiopian airlines operated an All-Women Functioned Flight today on the Addis Ababa – Bangkok route…

November 11, 2015

9:31 am

Maersk Oil buys stakes in Kenya, Ethiopia licences

Maersk Oil has agreed to buy half of Africa Oil Corporation’s shares in three onshore exploration licenses in Kenya and a further two in Ethiopia…

November 4, 2015

12:03 pm

Commuters rise above the traffic on Sub-Saharan Africa’s first metro railway

Addis Ababa gets first sub-Saharan Africa metro system…

October 26, 2015

11:19 am

China rides the rails of Ethiopia’s development

Minimal corruption, efficient bureaucracy, and cheap production costs are driving China’s investment in Ethiopia…

October 20, 2015

8:58 am

Ethiopia: From Lion of Judah to economic lion

– If there was ever a country that embodied the optimism of the “Africa rising” narrative, it would be Ethiopia. The economy of Africa’s second-most populated country has for the past decade grown at an average of 10.8% every year …

October 15, 2015

5:08 pm

Made in… Ethiopia? Yes, Ethiopia

— So we got used to “Made in Japan,” “Made in China,” “Made in Hong Kong” and most recently “Made in Vietnam.” There’s going to be a new kid in town, but he’s not Asian. Prepare yourselves for “Made in Ethiopia.”…

September 25, 2015

1:19 pm

Arsenal breaks new ground in Ethiopia

Arsenal Football Club has become the first Premier League side to secure a regional partnership in Ethiopia after announcing Dashen Brewery as its Official Beer Partner…

September 21, 2015

12:39 pm

Modernizing Ethiopia Opens $475-Million, China-Built Urban Rail

Tekle Negash’s days of riding a battered minibus to work in Ethiopia’s capital are over. Boarding Addis Ababa’s $475-million, Chinese-built and funded Light Rail, he can slash his one-hour commute by two-thirds and still save money…

September 15, 2015

5:27 pm

Ethiopia set to be the fastest growing country in the world

Ethiopia is head and shoulders above the rest of Africa in meeting the Millennium Development Goals (MDG)…

September 4, 2015

6:56 pm

African cities with the most expensive hotel room prices revealed

Ethiopia’s Addis Ababa has the most expensive hotel room prices in Africa, according to research based on the price comparisons of select major African cities…

August 26, 2015

2:35 pm

Ethiopia’s Dibaba Takes Gold Medal at Athletic Championships

EEthiopia won the first gold medal at the IAAF Beijing World Athletics Championship in the female 1,500 mt race with world record holder Athlete Genzebe Dibaba in Beijing, yesterday…

August 7, 2015

11:19 am

Ethiopia Boosts Spending by 20% to Improve Education, Roads

Ethiopia’s government will boost spending by 20 percent in the budget year that begins next month to expand infrastructure in one of Africa’s fastest-growing economies,State Finance Minister Abraham Tekeste said…