Ethiopian Electric Power and the Corbetti Geothermal Company have concluded power purchase agreement on July 27, 2015, for the first 500 Megawatts, Ethiopian News Agency reported.

The geothermal plant construction will be conducted in two stages within 8 to 10 years with four billion USD cost to generate 1,000 MW. When it is completed, it will be Africa’s largest geothermal facility, it was indicated.

Azeb Asnake, CEO of Ethiopian Electric Power said the geothermal energy generation that would be undertaken by Corbetti Geothermal Company designed as African Initiative Power is intended to meet Ethiopia’s master plan to generate renewable energy.

Non-Executive Investment Committee Member-AREF of Berkley Energy, Edward Njoroge said Ethiopia is stepping forward in exploiting its natural resources.

Ethiopia aspires to have a total established generation capacity of 37,000 MW and become a major power exporter by 2037.

Source: Ethiopian News Agency