The Ethiopian Electric Power Corporation is seeking an alternative financier for the construction of the Chemoga Yeda 
Hydropower Plant being constructed in the Amahara Regional State.
The power corporation is seeking alternative financing because the project is behind schedules due to financial constraints according to sources.
Initial projections established by the contract signed between the EEPCo and the Chinese Sinohydro Corporation that the project would cost 555 million US dollars to completion. The project was intended to be carried out in two stages generating a total of 278 MW when its complete.
The project was to be financed primarily through funding from the Chinese Export-Import Bank which has been slow in releasing the funds due to potential conflict of interest within the Nile Basin countries claimed to be lobbying the Chinese government to delay funding according to sources.The corporation is looking into other investors because of the project has been unable to meet the schedule so far with the hope that the contractor will honor the contractual agreement said Mekuria Lemmo, Head of Corporate Planning with the EEPCO.
The Chemoga-Yeda hydro power plant project was scheduled to be completed in less than five years with five dams to be constructed on the Bogena, Sens, Chemoga, Getla and Yeda rivers.
Source: Capital
