The energy investment environment of Ethiopia and the services of the Investment Commission all indicate that the nation is ready and open for business, the Executive Director of African Energy Now said.
In an exclusive interview with ENA, African Energy Now Executive Director Moritz Weigel said there is a huge untapped potential of renewable energy across the continent as this potential is now increasingly used by many countries in Africa.
In this regard, Ethiopia’s plan to foster more investment in solar, wind and geothermal energy sources is encouraging, he added.
Ethiopia is one of the countries in Africa endowed with abundant renewable energy resources but where energy resources are underexploited.
The country has, however, been undertaking comprehensive reforms to attract investment into its renewable energy sector.
Regarding the business climate for energy, the executive director pointed out that the regulatory frameworks, policy frameworks, the enabling environment for international investment are all in place and ready in the country.
Weigel praised Ethiopia for opening the renewable energy sector for business. “We have seen that the Ethiopian government is certainly ready for renewable energy sector. In broader sense, the regulatory aspects, policies and frameworks are in place.”
Citing that the general investment environment and the services that the Investment Commission is providing are all in place, he noted that “Ethiopia is ready and open for business.”
According to him, the engagement of the private sector in the renewable energy is absolutely key to use the vast potential that Ethiopia has.
It is important to have the private sector on board to really help them make use of this great opportunity for economic benefits that lay in renewable energy investment opportunities in this country, the executive director stressed .
Regarding the collaboration of African Energy Now and Ethiopia, the director said “we are working hand-in-hand with the Ministry of Water and Energy in Ethiopia.”
Weigel explained that the initiative’s role as “African Energy Now is to bring investment to our partner country Ethiopia through our network of international financial institutions and different types of private and public investors globally.”
Source: Ethiopian News Agency