Abu Dhabi-listed blockchain and cryptomining conglomerate Phoenix Group (PHX.AD) has secured an 80-megawatt (MW) power purchase agreement (PPA) with Ethiopian Electric Power (EEP) as part of its global strategy to diversify operations. This milestone marks the company’s entry into the African market, with energy supplies expected to commence in the second quarter, according to a statement released on Wednesday.
The agreement will power Phoenix Group’s bitcoin mining expansion in Ethiopia. While the exact location of the facility and financial terms were not disclosed, the project is being implemented in partnership with Abu Dhabi-based cybersecurity firm Data7.
“We are aggressively building out our mining capabilities,” said Munaf Ali, CEO of Phoenix Group. He emphasized that this additional energy capacity will drive further growth as the company works towards a dual listing on Nasdaq. In a separate statement to Reuters, the company revealed ongoing discussions with financial institutions and Nasdaq, though no specific timeline for the listing has been provided.
Phoenix Group operates mining facilities in multiple countries, including the UAE, the U.S., and Canada. Its shareholders include International Holding Company (IHC.AD), the largest listed firm in Abu Dhabi, chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser and brother of President Sheikh Mohammed bin Zayed. IHC’s diversified portfolio includes investments in agriculture, energy, and cryptomining.
Beyond Ethiopia, Phoenix Group is exploring additional investment opportunities in Africa and assessing regions with robust energy potential. The company is also considering an expansion into South America, with Brazil highlighted as a potential market.
This 80MW agreement underscores Phoenix Group’s commitment to leveraging global energy resources to enhance its bitcoin mining operations and establish a stronger foothold in new markets.
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