A grant contract was signed to support the drilling of two wells in the first phase of a major geothermal power project in Ethiopia. The contract, worth up to 8 million USD, was signed by the African Union (AU) and the Icelandic-US private developer Reykjavik Geothermal Limited (RG) for drilling the wells at the Corbetti geothermal power project.
The grant was awarded under the AU-led 'geothermal risk mitigation facility', which is designed to encourage public private investment and financial support for geothermal exploration in East Africa.
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