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Source: Pixabay

Ethiopia To Install 1GW Worth Of Geothermal Power

By Brian Spaen

Ethiopia is adding 1,000 megawatts worth of geothermal power plants over the next four years with a $4 billion price tag. Two plants, Corbetti and Tulu Moye, will be run by a privately-owned utility in the country. It’s a move that will thrust Africa’s second-most populated country into a geothermal leader, which is a very attractive renewable energy in the area.

Both power plants will be located 124 miles south of Ethiopia’s capital, Addis Ababa, and the same geothermal farm. Split into a capacity of 500 megawatts each, the first one will be completed in 2018 with the second phase coming online in 2021. The Ethiopian government wants the country to become carbon neutral by 2025.

Reykjavik Geothermal, an American-Icelandic development company for the renewable energy, will be funding three-fourths of the project with the other $1 billion being borrowed. Reykjavik’s headquarters are in Iceland with offices in Ethiopia’s capital and in New York City. The company is now owned by United States investors.