Addis Ababa July 27/2015 Ethiopian Electric Power and the Corbetti Geothermal Company have signed a Power Purchase Agreement for the first 500 megawatts.
The four billion USD that generates 1,000 MW by Corbetti geothermal plant will be built in two stages within 8 to10 years. Upon completion, it will be Africa’s largest geothermal facility, it was learned.
During the signing ceremony today, Chief Executive Officer of Ethiopian Electric Power, Azeb Asnake said Ethiopia is willing and desires to interconnect each power system and share the electric power by creating market.
To satisfy the energy demand of the country, Ethiopian Electric Power has designed and embarked on generating renewable energy in line with its 25-year power sector master plan, the CEO added. The geothermal energy generation that would be carried out by Corbetti Geothermal Company designed as African Initiative power is meant to meet this, according to Azeb.
Non-Executive Investment Committee Member-AREF of Berkley Energy, Edward Njoroge said on his part Ethiopia is taking major steps in exploiting its natural resources.
“Renewable energy is clean and we are really very happy to be part of that and to make sure that Ethiopia becomes in the forefront of the renaissance that we are having in Africa of new renewable energy” he pointed out.
Ethiopia is endowed with abundant renewable energy resources, including 45,000 MWs in renewable, in addition to hydropower potential more than 10,000 MWs from untapped geothermal resources.
By 2037, Ethiopia aspires to have a total instated generation capacity of 37,000 MWs and become the major power exporter.
"The Stone Age didn't end because we ran out of stones."
- Sheikh Yamani, former OPEC Oil Minister