The Assela wind project is also supported by the African Development Bank (AfDB) which has already released 1.8 million dollars for the technical studies and the environmental and social impact of the future wind farm.
Ethiopian Finance Minister Ahmed Shide signed the loan agreement with Danske Bank on behalf of his government.
Danske Bank was represented by Petterson and Olaf S. Mark Schet, who are the Director and Associate Director of Danske Bank respectively.
The state-owned Ethiopian Electric Power (EEP), which is developing the project, signed an engineering, procurement and construction (EPC) contract in May 2020 with Spanish based, Siemens Gamesa Renewable Energy.
The farm will be loacted on the edge of the Rift Valley near the city of Itaya in the regional state of Oromia and will consist of 29 turbines, with each turbine having a capacity of producing 3.45 MW.
The agreement signed between the Ethiopian Electric Power (EEP) and Siemens Gamesa Renewable Energy stipulates that the Danish subsidiary of Siemens Gamesa will control 60% of the development of the project, while Simens Gamesa-Spain (the parent company) will have a 40% stake.
The two subsidiaries of the company are also expected to operate and maintain the Assela wind farm over a period of 5 years.