Ethiopia earned $475.7 million from electricity exports during the financial year. This is 25 per cent more than in the same period last year.

TV BRICS reported this, citing data from Ethiopia’s state-owned electricity company.

The growth is strengthening Ethiopia’s position as a regional energy hub and generating increased revenue from electricity exports to neighbouring countries, the report notes.

During the reporting period, the company increased its generating capacity to more than 9,000 megawatts, representing a 23 per cent increase.

At the same time, hydropower plants accounted for 97 per cent of all electricity generated.

The company’s revenue reached $773 million for the first time, while net profit amounted to $246 million.

The company achieved the target at 101.83 per cent. In the coming years, Ethiopia intends to continue investing in renewable energy.

Planned projects include a hydropower plant, a wind farm and a 100 MW solar power plant, financed from domestic funds.

The authorities expect the new projects to expand the country’s green energy portfolio, strengthen energy security, deepen regional cooperation and increase export revenues.

Earlier, it was reported that Ethiopia plans to produce 500,000 electric vehicles by 2030.

(NAN)