China Gezhouba Group Corp. Ltd (CGGC), a construction and engineering company, has reached an agreement with Ethiopian Electric Power (EEP) to invest in a hydroelectric project.
CGGC will invest $40.1 million in the Great Renaissance hydroelectric project, which will produce 6,000 megawatts on the Blue Nile.
With the deal, CGGC will now participate in the construction of the dam, which should hold up to 74,000 million cubic meters of water.
Moreso, CGGC will collaborate with Italian construction company Salini Impregilo, which was selected to build the dam.