Sovereign Wealth Fund Inks Deal with Canadian Energy Company

Sep 10 , 2023


A strategic agreement for developing the Harmokale Geothermal Project in the Somali Regional State has been reached between Ethiopia Investment Holdings (EIH) and 4th Resource Corporation, a Canadian energy company that develops and explores geothermal energy projects. It outlines partnerships that will facilitate the exploration, development, and operation of geothermal resources in Ethiopia, prioritising capacity building, knowledge transfer, and technology sharing. The Harmokale geothermal project is set to contribute significantly to Ethiopia’s energy production while reducing carbon emissions, creating job opportunities for communities in the regional state and setting a new standard for environmentally conscious and socially responsible energy production. “This partnership reflects our dedication to harnessing clean and renewable energy sources to power a sustainable future,” stated Phil Harms, CEO of 4th Resource Corp. 4th Resource had been awarded a geothermal reconnaissance license by the Ministry of Mines of Ethiopia, the first such license awarded under the new geothermal regulations issued in 2019, which are designed to facilitate and incentivise geothermal development in the country. The licence covers an area of 1,948 square kilometres and Dire Dewa City. Close to 90pc of Ethiopia's power generation is hydroelectric as it takes advantage of several rivers in the country, only managing to provide electricity for half of the population.


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