- 30MW hydropower mining site now operational in Ethiopia
- Developed alongside Ethiopian Electric Power, under the patronage of Abu Dhabi leadership
- H.C. Wainwright maintains Buy rating and AED 3.00 price target following strategic progress
Phoenix Group PLC (PHX: ADX), an IHC portfolio company and global provider of digital asset infrastructure, has announced the launch of its 30MW hydropower-supported mining facility at the Bole Lemi Industrial Park in Addis Ababa. The project was delivered in partnership with Ethiopian Electric Power, the country’s state-owned electricity producer.
This activation marks a significant step forward in the Group’s expansion into Africa’s energy-abundant markets and forms part of its longer-term ambition to scale to 1GW of compute capacity. The development highlights both the UAE’s support for technology-driven growth and Phoenix Group’s strategy to harness renewable power sources across new geographies.
Developed under the patronage of the Abu Dhabi leadership, the collaboration between Phoenix Group and Ethiopian Electric Power is designed to combine Ethiopia’s renewable energy capabilities with Phoenix’s operational expertise in large-scale, high-efficiency compute infrastructure.
The 6,250-square-metre facility has been purpose-built to accommodate mining operations and future advanced compute workloads. It draws on Ethiopia’s stable and low-cost hydropower grid, enabling carbon-neutral operations and contributing an estimated 1.9 EH/S to Phoenix Group’s total hashrate.
“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. 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,” said Munaf Ali, Co-Founder and Group CEO of Phoenix Group.
He further added, “We are also delighted that H.C. Wainwright has reaffirmed their Buy rating and AED 3.00 price target; this report validates our team’s strategic execution and the confidence in our global expansion.”
Phoenix’s presence in Ethiopia supports the country’s wider digital and industrial objectives, including investment attraction, energy export monetization, and technology infrastructure development.
Analyst Confidence Underscores Growth Strategy
Following Phoenix’s Q3 2025 earnings release and continued expansion across multiple markets, H.C. Wainwright & Co. has reaffirmed its Buy rating and AED 3.00 price target for PHX.
The firm cited Phoenix’s strong self-mining margins and praised the company’s expanding geographic footprint as a “material step in derisking geographic concentration while building long-term energy access.”
Strengthening Global Infrastructure Presence
With the Ethiopian site now online, Phoenix continues to advance toward its target milestone of 1GW aggregate capacity. The company is transitioning from a pure-play mining model to a diversified digital infrastructure platform with future AI hosting, compute leasing, and HPC capabilities.
The partnership between Phoenix and EEP sets a new benchmark for integrating renewable energy and digital infrastructure in Africa, aligning local development goals with global sustainability standards.