US $ 4.4 billion worth geothermal energy is launching in September 2019 in Ethiopia, a London based Global Construction Review (GCR) reported on Monday, June 10, 2019.
Reykjavik Geothermal (RG) is developing the Corbetti and Tulu Moye projects and they could produce up to 500 MW of electricity, according to the source.
As well, the source added the projects are the largest independent power projects in the continent.
Chief Operating Officer of RG is quoted as saying to Bloomberg ” All the results from the surface exploration work indicate that we are developing projects in a huge caldera, huge active volcanoes which can sustain at least 1,000 megawatts or more,” as reported by GCR.
The initial stage of the project aims to build 50 to 65 MW generating power project at a cost of US $350 million. RG is holding talks with the Ethiopian government to get agreement terms for the drilling, GRC added.
African Renewable Energy Fund, Iceland Drilling and Meridiam – a Paris based global investor, and asset manager have shares in the project – have shares in the project.
RG is “a geothermal development company focused on the development of high enthalpy geothermal resources for utility scale power production.”
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