The African Development Bank Group approved a USD 10 million grant for the Tulu Moye Geothermal Project which would be used tie project’s drilling program. In 2020 a USD 1.55 million grant was allocated for the project by the USD International Development Corporation while Geothermal Risk Mitigation Facility provided an additional grant of USD 9.9 million.

The project is run by Tulu Moye Geothermal Operations (TMGO) which is owned by Meridian, a multinational corporation, and Reykjavik Geothermal which is based in Iceland. When it becomes operational, it will be the first large-scale private sector-driven geothermal development and the first independent power producer in Ethiopia.

Source: Fana BC