Abu Dhabi-based Phoenix Group has signed an 80-megawatt power purchase agreement (PPA) with Ethiopian Electric Power (EEP) to support its bitcoin mining expansion in Africa. The energy supply is set to commence in the second quarter, marking Phoenix’s first major venture into the African market.
The agreement, developed in partnership with cybersecurity firm Data7, reflects Phoenix’s global diversification strategy. While details on the facility’s location remain undisclosed, CEO Munaf Ali emphasized the company’s commitment to expanding its mining capabilities and preparing for a potential Nasdaq listing.
Phoenix Group operates mining facilities across the UAE, the U.S., and Canada, with Abu Dhabi’s International Holding Company (IHC) as a key shareholder. The firm is also evaluating additional opportunities in Ethiopia and exploring other African and South American regions with strong energy potential, including Brazil.