NewEnergyNews: ETHIOPIA BUYS BIG INTO GEOTHERMAL

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    Friday, October 25, 2013

    ETHIOPIA BUYS BIG INTO GEOTHERMAL

    Ethiopia signs $4 billion geothermal deal

    October 23, 2013 (Phys Org)

    "Ethiopia signed a $4 billion deal…with American-Icelandic company Reykjavik Geothermal to develop a 1000-megawatt geothermal farm…When completed, the project to provide energy for both local consumption and export will be the largest source of foreign direct investment in Ethiopia…Three-quarters of the [first geothermal project in Ethiopia] is funded by Reykjavik Geothermal, backed by private investors, while 25 percent will be borrowed…$40 million (29 million euro) of investment has already been secured…The geothermal farm—located 200 kilometres (124 miles) south of the capital Addis Ababa—will be built in two phases, with the first 500 MW phase to be completed in 2018. The second phase is expected to be finished in 2021...[G]eothermal is an ideal source of energy in Ethiopia, which [has a 3,000 MW geothermal potential and] is vulnerable to erratic weather and oil price fluctuations…” click here for more

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