Ethiopia’s government signed a deal with the Reykjavik-based company in October to build a power plant on an imploded volcano in the Rift Valley that will generate 500 megawatts of electricity by 2020. The licensing of a large-scale private power-generation project marks a shift from the country’s previous reliance on domestic investment and Chinese loans to finance infrastructure development.
“We think we have a project that can have a return on equity that is acceptable by the investors,” Gunnarsson said in an interview on March 7 from Iceland. The company plans to begin closing financing deals this month worth as much as $80 million and expects to eventually raise $500 million from equity partners, he said.
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