Icelandic geothermal development company Reykjavik Geothermal is preparing to begin exploration drilling in September 2019 for the development of two 500 MW geothermal power plants in Corbetti and Tulu Moye (Ethiopia). The projects will require an investment of around US$4.4bn and will add 1 GW of geothermal capacity into the national grid.
A Power purchasing agreement (PPAs) was signed with the Ethiopian Electric Power (EEP) and the Ministry of Finance and Economic Cooperation for the US$2bn Tulu Moye project in December 2017. The project was awarded a US$1.1bn grant by the US Trade and Development Agency in August 2018 for feasibility studies but it still requires investors to reach its full potential. The Tulu Moye plant will be developed in four phases with the initial 50 MW (US$250m) expected to be commissioned by 2021.
Ethiopia currently has a total installed capacity of 4.3 GW and an electrification rate of only 49%. The country has an estimated geothermal potential of 10 GW.
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