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Electricity

Ethiopia: $4 billion to be disbursed to construct two geothermal plants of 1 000 MW

Wednesday, 20 December 2017 18:04

(Ecofin Agency) - Ethiopia has just signed an agreement related to the construction of two geothermal plants having a combined capacity of 1,000 MW. The Corbetti and Tulu Moye plants, as they are named, will cost $4 billion and will be located in the Rift valley, south of Addis-Abeba.  

This initiative falls in line with the national power strategy which aims to make Ethiopia the largest power exporter of the continent, by increasing its installed capacity from 4,300 MW currently to 17,346 MW over the next 10 years.

"No doubt the success of this effort will have a significant impact in the country's future economic well-being," said Azeb Asnake, chief executive of state-run Ethiopian Electric Power (EEP).

The fact that the funds mobilized for this project are in most part private funds represents a major progress in the country which usually relies on its own resources for investments. For example, the $4 billion Grand Renaissance Dam was financed by the State and bond subscriptions by citizens.

Meridiam, Africa Renewable Energy Fund and InfraCo Africa-Funds are the companies that will finance the construction of the two geothermal plants.

Gwladys Johnson Akinocho

 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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