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.
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