The first phase of Corbetti Geothermal project is to start generating 20MW of electricity next month. The Geothermal project is located in Corbetti town of the Oromia Regional State.
Having a total electric generating capacity of 500MW, the project is estimated to cost around four billion dollars. The equity financing of the project is funded by Reykjavik Geothermal, an Iceland based company that mainly works on energy development projects.
The company had signed a framework agreement with Ethiopian Electric Power (EEP) in October 2013. The agreement was facilitated by Power Africa Initiative, an initiative which works on increasing the power generation of the continent through Independent Power Producers.
The initiative is also currently supervising a bidding process held by the EEP for a Methara Solar project, currently at the financial evaluation phase and is expected to be concluded by mid-October.