The past months have been significant for Tulu Moye Geothermal (TMGO). Since the Kenyan company KenGen won the drilling contract for the first phase of the Tulu Moye geothermal project in June 2019, the contract has now been signed between the two companies. The signing took place on October 23, 2019 at the Hilton Hotel in Addis Ababa between Darrell Boyd, CEO of TMGO, and Mrs. Rebecca Miano, CEO of KenGen. The contract was signed outlining USD 60 million dollars for the drilling of 12 geothermal wells, each costing USD 5-6 million. More details of this can be found here, and here.
Drilling is expected to begin in January 2020, which will mark the start of the development of a 150 MW geothermal power plant with an anticipated total investment of USD 800 million. By September 2022 TMGO anticipates generating 50 MW from the first phase of the geothermal powerplant, and by 2024, be able to generate 150 MW towards the Ethiopian Electricity Grid. The 150 MW is the first part of an envisioned 520 MW of power generation from geothermal expected by TMGO.“This agreement, is a sign of mutual trust and commitment to promote geothermal energy, which encourages sustainable development in Ethiopia and Africa in general.” – Darrell Boyd, CEO, TMGO.
Established in 2017, TMGO is a shareholding of the French investment firm Meridiam SAS (51%) and the Icelandic geothermal development company Reykjavik Geothermal (49%) with the quest of unlocking the geothermal potential of Ethiopia.
Full article can be found here.