Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
Phoenix Group, an International Holding Company (IHC) portfolio firm and one of the world’s leading digital asset infrastructure operators, has launched a 30-megawatt (MW) hydropower-backed crypto-mining facility in Addis Ababa, Ethiopia.
Developed in partnership with Ethiopian Electric Power (EEP) under the patronage of the Abu Dhabi leadership, the new site spans 6,250 square metres within the Bole Lemi Industrial Park.
Powered by Ethiopia’s national hydropower grid, the facility adds 1.9 exahashes per second (EH/s) to Phoenix’s total hashrate, providing stable, low-cost, and carbon-neutral energy for operations.
The project represents a key milestone in Phoenix’s expansion into Africa’s energy-rich markets and supports the company’s long-term goal of scaling up to 1 gigawatt (GW) of compute capacity.
“This deployment represents a major advancement in Phoenix’s global growth strategy and marks our entry into one of the world’s most energy-rich emerging markets,” said Munaf Ali, Co-Founder and Group CEO of Phoenix Group.
“Ethiopia offers a compelling combination of renewable power, long-term energy visibility, and government partnership — all critical factors as we scale toward 1GW and reinforce our commitment to renewable energy and responsible growth.”
The initiative aligns with Ethiopia’s national goals of attracting investment, monetising energy exports, and building technology-driven infrastructure.
A Phoenix Group representative told Aletihad, “We are currently at just over 500 MW of deployed capacity across the UAE, US, Canada, Oman, and Ethiopia. The roadmap to 1GW is already underway through a mix of confirmed capacity and projects in advanced negotiation stages across North America, Africa, and the MENA region. We expect to announce significant deals in the coming weeks and months, and all through 2026.”
The company said it has secured a total of 132 MW of power in Ethiopia, of which 20 MW is already live through an existing hosting site, and the newly energised 30 MW Bole Lemi facility is now fully operational.
“We have an ongoing development of 82 MW, split between two sites that will go live in 2026,” the spokesperson added.
With the Ethiopian site now online, Phoenix Group continues to progress toward its 1GW capacity milestone and is transitioning from a pure mining model to a broader digital infrastructure platform, encompassing AI hosting, compute leasing, and high-performance computing (HPC).
Following the company’s Q3 2025 results, H.C. Wainwright & Co. reaffirmed its Buy rating and Dh3.00 price target, citing Phoenix’s strong self-mining margins and geographical diversification as “material steps in derisking concentration while building long-term energy access.”
Reacting to the analyst note, a Phoenix Group representative said, “The valuation is based on an assessment of our Q3 performance and forward expansion profile. As a publicly listed company, we welcome independent analyst coverage that reflects the fundamentals of our business, especially as we continue to expand infrastructure and diversify geographically.”
