Oct 17 , 2020
Tulu Moye Geothermal Power Plant Project has secured a new grant worth 1.6 million dollars from the United States government. The geothermal power project, which will generate 150MW of power once completed, will be the first independent power project to produce power at a commercial scale. Implemented through the US International Development Finance Corporation (DFC), the funding will support the detailed design work for the new power plant at an earlier stage in the project development process. This will enable the geothermal plant to deliver the first 50MW of electricity to the Ethiopian power grid. Following the technical development, the Corporation is expected to evaluate the need for additional financing for the implementation phase of the project. Tulu Moye Geothermal Operations Plc, jointly owned by Paris-based investment firm Meridian SAS and the Icelandic geothermal development company Reykjavik Geothermal, commenced the first phase of drilling a few months ago. Established three years ago, Tulu Moye Geothermal Operations, which is expected to generate a total of 150MW of energy by 2025, is partially funded by the Geothermal Risk Mitigation Facility for Eastern Africa and the United States Trade & Development Agency.
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