A commitment of $1.5 million USD has been made to the Tulu Moye Geothermal Project by the US Development Finance Corporation. The investment will go towards the technical development of the Tulu Moye Geothermal Power Plant, in Ethiopia. The first phase of the project consists of a 50 MW geothermal power plant. With the completion of the following project phases, the project will ultimately generate 150 MW towards the baseload electricity needs of the Ethiopian Electricity Grid.
According to the statement, this investment by the US Development Finance Corporation will support the detailed design works for the new power plant at an earlier stage in the project development process, enabling the Tulu Moye Geothermal Plant to push forward with their operations at a quicker pace.
When completed, the project will be the first independent power project to generate power on a commercial scale and one of the largest geothermal power plants in Ethiopia, a country with substantial untapped geothermal resources that can provide renewable, sustainable baseload power. The project is headed by the independent energy company Tulu Moye Geothermal Operations (TMGO), a shareholding company of the investment firm Meridiam SAS based in Paris, and Reykjavík Geothermal.