Ethiopia signed four billion agreement to construct two geothermal plants

Tigrai Online, Dec. 20, 2017

Ethiopian to build two mega geothermal plants with 4 billion dollars

Ethiopia signed an agreement for the construction of two geothermal plants having a combined capacity of 1,000 MW. The construction of Corbetti and Tulu Moye plants will cost $4 billion and will be located in the Ethiopian Rift valley south of the capital 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 Ethiopian Renaissance Dam is financed by the State and bond subscriptions by Ethiopian citizens.

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

Ethiopia has about 45 thousand Mega watt potential energy from Hydro, Wind, and Geothermal energy sources. Government studies have identified about 23 geothermal locations where large, medium, and small scale geothermal plants could be constructed.

Energy companies from the United States of America, Iceland, and Ethiopia have signed agreements with the Ethiopian government to invest in producing clean energy from the countries geothermal sources.

Note from TOL Admin:

All Ethiopians understand every Ethiopian mega project is like a ballistic missile aiming at the direction of our enemies, those who wanted us to stay in poverty. Every mega project successfully completed by Ethiopia brings the people one step forward towards complete economic freedom and we might even assert ourselves in the regions political, military, and economic affairs. That is not acceptable by all our enemies, so they try their best to sabotage our progress and bring us back to the miserable old days. The enemy’s best method is to use us against each other. If we fail to recognize what our enemies are planning for us, which is to break our country apart in to many small countries who are locked in a mess endless civil war.