The first phase of Corbetti Geothermal project is to start generating 20 MW of electricity next month. The Geothermal project is located in Corbetti town in Oromia Regional State.
Having a planned total electric generating capacity of 500 MW, the project is estimated to cost around four billion dollars. The equity financing of the project is funded by Reykjavik Geothermal, an Iceland based company that mainly works on energy development projects.
The company had signed a framework agreement with Ethiopian Electric Power (EEP) in October 2013. The agreement was facilitated by Power Africa initiative, an initiative which works on increasing the power generation of the continent through Independent Power Producers.
