Our Correspondent | Africa Guardian
Abu Dhabi-listed blockchain and crypto mining giant Phoenix Group (PHX.AD) has entered the African market through an 80-megawatt (MW) power purchase agreement (PPA) in Ethiopia. The agreement, announced on Wednesday, is part of the company’s global diversification strategy.
Under the deal, Ethiopian Electric Power (EEP) will supply energy to support Phoenix’s bitcoin mining operations, with power delivery set to commence in the second quarter of the year. While Phoenix has not disclosed the facility’s location or the financial specifics of the agreement, it confirmed that the project is being executed in partnership with Abu Dhabi-based cybersecurity firm Data7.
Aggressive Expansion Plans
“We are aggressively building out our mining capabilities,” said Phoenix CEO Munaf Ali, emphasizing that the additional capacity will drive further growth as the company prepares for a dual-listing on Nasdaq.
In a statement to Reuters, Phoenix revealed it is actively consulting with financial institutions and Nasdaq to finalize the most strategic approach for the listing, though no timeline has been provided.
Global Operations and Strategic Backing
Phoenix operates mining facilities across the UAE, the U.S., and Canada. Its shareholder portfolio includes International Holding Company (IHC.AD), Abu Dhabi’s largest publicly listed firm. IHC, chaired by Sheikh Tahnoon bin Zayed Al Nahyan—the UAE’s national security adviser and brother to President Sheikh Mohammed bin Zayed—boasts a diverse investment portfolio spanning agriculture, energy, and blockchain technology.
Expanding Horizons in Africa and Beyond
Phoenix is exploring further opportunities in Ethiopia and assessing other African regions with strong energy potential. The company is also eyeing South America, with Brazil emerging as a key target for expansion.
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