Reykjavik Geothermal to Build 1,000 Megawatt power plants in Ethiopia
Tigrai Online, September 28, 2013
The company expects to spend a total of $4 billion and will begin drilling test wells early next year, Chairman Michael Philipp said in an interview today in New York.
Reykjavik Geothermal, the Icelandic company that’s helped build power plants in more than 30 countries, agreed to develop as much as 1,000 megawatts of projects in Ethiopia over the next 10 years.
The company expects to spend a total of $4 billion and will begin drilling test wells early next year, Chairman Michael Philipp said in an interview today in New York. About 10 megawatts will be in operation by 2015, with a total of 500 megawatts by 2018. A second phase may include as much as 500 additional megawatts of capacity. Ethiopian Electric Power Corp. has agreed to buy all the electricity under a 25-year contract.
“This is the kind of commitment you need to get the financial backing to finalize the development phase,” Philipp said. About one-fourth to one-third of the project will be financed with equity.
Source: Boomberg - http://www.bloomberg.com/news/2013-09-27/reykjavik-geothermal-agrees-to-build-1-000-megawatts-in-ethiopia.html
Ethiopia’s vision to be a powerhouse of Africa
Ethiopia’s potential for power is one of the largest in Africa. Ethiopia will produce about 15,000 MW in the short term, but the long term goal is to produce 60,000 MW energy for internal consumption and external sale. Majority will be from hydro power 45,000 MW, 10,000 MW from wind and about 5,000 MW of it from geo thermal.
Currently Ethiopia produces 2060 megawatt of electricity from hydro, diesel and geo thermal plants.
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