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5.6 Million U.S Dollars Deal to Develop Power in Ethiopia

The African Union Commission (AUC) and Reykjavik Geothermal concluded an agreement last week for a financial support to drill two-reservoir confirmation wells at the Reykjavík Geothermal project in Ethiopia.

The financial support is U.S$ 5.6 Million and the wells are owned by Corbetti geothermal prospect. With regard to the support, it is aimed at alleviating infrastructure requirements need for proper project implementation. The signing ceremony took place at the Grand Hotel in Reykjavik, Iceland on May 26, 2014.

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