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Wednesday, October 23, 2013

Ethiopia, Iceland:

Ethiopia Signs 1000 MWe Geothermal Deal (Industry Week)

American-Icelandic company Reykjavik Geothermal and Ethiopia signed a $4 billion deal Wednesday to develop a 1000 MWe geothermal farm, officials said.

When completed, the project to provide energy for both local consumption and export will be the largest source of foreign direct investment in Ethiopia.

Three-quarters of the project is funded by Reykjavik Geothermal, backed by private investors, while 25% will be borrowed. $40 million of investment has already been secured.

The geothermal farm -- located 200 kilometers (124 miles) south of the capital Addis Ababa -- will be built in two phases, with the first 500 MW phase to be completed in 2018. The second phase is expected to be finished in 2021.

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