- 30MW renewable-powered mining development goes live in Addis Ababa
- Delivered alongside Ethiopian Electric Power under the guidance of Abu Dhabi leadership
- H.C. Wainwright reaffirms Buy rating and AED 3.00 target following strategic expansion initiatives
Phoenix Group PLC (PHX: ADX), an IHC-backed leader in digital asset computing infrastructure, has confirmed the activation of its hydropower-supported 30MW mining operation at Ethiopia’s Bole Lemi Industrial Park, developed in partnership with Ethiopian Electric Power.
The milestone reflects Phoenix Group’s expansion into markets rich in renewable energy and supports its trajectory toward scaling to a full 1GW of compute capacity. The initiative also highlights the UAE’s continued commitment to fostering innovative and sustainable global technology projects.
Carried out under the patronage of Abu Dhabi leadership, the collaboration merges Ethiopia’s hydropower capabilities with Phoenix Group’s operational and deployment expertise in high-performance computing centres.
Designed to support both current and next-generation compute workloads, the 6,250-square-metre site is powered by Ethiopia’s national hydropower grid, enabling carbon-neutral efficiency while boosting Phoenix Group’s operational hashrate by 1.9 EH/S.
“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.
