Since the approval of the Geothermal Proclamation Amendment by the Government of Ethiopia in May 2020, Reykjavik Geothermal is pleased to announce that the Tulu Moye Geothermal project has reached effectiveness! All of the project’s condition presidents have been fulfilled, and the project is equipped to continue moving forward at full steam ahead. The first exploration well has already been drilled in Tulu Moye with first steam encountered. The drilling of the second exploration well began in November 2020 and is underway.
The project is headed by the independent energy company Tulu Moye Geothermal Operations (TMGO), a shareholding company of the investment firm Meridiam SAS based in Paris, and Reykjavík Geothermal. The drilling of these wells marks the start of the development of a 150 MW geothermal power plant with an anticipated total investment of USD 800 million. The first phase is to be completed by 2023 with a 50 MW plant, then reaching 150 MW through the second project phase with an expected completion by 2025. Ultimately, the project will generate 150 MW towards the baseload electricity needs of the Ethiopian Electricity Grid.