Bloomberg: The $4.4 Billion Energy Plan for Ethiopia

A recent article published by Bloomberg on May 27, 2019 highlights the exciting future prospects of Reykjavik Geothermal in Ethiopia in an interview with Gunnar Orn Gunnarsson, CEO of the company.

Reykjavik Geothermal, along with company shareholder Paul Tudor Jones II, a hedge fund billionaire, and other important shareholders like Ambata Capital Partners, the African Renewable Energy fund, InfraCo, Iceland Drilling Co., and Meridiam SAS are all collectively ready to see Ethiopia go up in steam, where a prospective 1000 MW of geothermal power or more is expected to lie beneath the surface. 

Exploration drilling in both Reykjavik Geothermal concessions, Corbetti and Tulu Moye, located south of the capital Addis Ababa, is planned for September, for two 500-megawatt plants. The projects will transform Ethiopia’s economy and Reykjavik Geothermal expects “strong emerging market returns” from the projects, which will continue to improve as the projects gain scale.

Access the full article here:
https://www.bloomberg.com/news/articles/2019-05-27/tudor-jones-backed-rg-poised-for-4-4-billion-african-power-push 

Written by Reykjavik Geothermal

More From This Category

RG Company Photos

RG Company Photos

From Iceland to Ethiopia, our team has been involved in geothermal projects all over the world! Have a look at some of our favorite photos.

Abaya Geothermal Project qualified for Drilling Grant from GRMF

Abaya Geothermal Project qualified for Drilling Grant from GRMF

In December 2020, Reykjavík Geothermal (RG) submitted a direct application for the Abaya Drilling Programme in Ethiopia to the Geothermal Risk Mitigation Facility for Eastern Africa (GRMF). This was subsequent to the GRMF funding that was granted for the Abaya...

Abaya Geothermal Project qualified for Drilling Grant from GRMF

St. Vincent – Environmental and Social

The Reykjavik Geothermal drilling project in St. Vincent and the Grenadines was the first of its kind in the country. Therefore, the project was setting many precedents for environmental and social (E&S), and health and safety (H&S) standards.