The newly approved bill on geothermal resources exempts royalty payments for companies engaged in thermal resource development and exploration in the country. Last week, Parliament, which was dissolved on July, 8, 2016, was summoned for an urgent session and unanimously approved a number of bills, including the “Geothermal Resources Development Proclamation 2016”.
Ethiopia needs to drill deep to achieve its goal of becoming carbon neutral by 2025. Literally. Below the country’s surface lies its energy future- over 7,000 megawatts of geothermal power potential.
ENGIE, the French utility, through its wholly owned subsidiary Storengy and Reykjavik Geothermal, the Icelandic geothermal development company, will jointly study the development of geothermal projects in Mexico.
The AUC Commissioner for Infrastructure and Energy Dr. Elham M. A. Ibrahim congratulated the Reykjavik Geothermal ehf for securing this Grant and their achievement in geothermal development, which will contribute to improving the quality of life of the people of Ethiopia.
Today 30 November 2015 Reykjavik Geothermal signed grant agreement with the Geothermal Risk Mitigation Facility (GRMF) for the Tulu Moye Geothermal Development Project in Ethiopia and first disbursement request was handed in.
The Facility aims to increase production of clean and reliable energy to supply power grids in Eastern Africa by attracting public and private developers and to mobilise finance for the construction of geothermal power plants. The Facility provides grants to co-finance surface studies and exploration drilling programmes for public and private developers.