PPA and IA for Tulu Moye, another 500 MW geothermal project in Oromia, will be signed today
Corbetti Geothermal plc (Corbetti), the Government of the Federal Democratic Republic of Ethiopia (GoE) and Ethiopian Electric Power (EEP) today signed an implementation agreement (IA) and a power purchase agreement (PPA) for Corbetti, a pioneering geothermal power project planned to deliver up to 520 MW of baseload renewable power to Ethiopia’s national grid.
Following extensive collaboration with GoE and EEP, the IA and PPA signings mark a major step in the development of privately developed and financed power in Ethiopia.
Once ratified by parliament, the agreements signed today will enable Corbetti to commence drilling the first production wells next year. It also lays the foundations for subsequent geothermal projects. Leveraging work undertaken by Corbetti, the PPA and IA for Tulu Moye, another 500 MW geothermal project in Oromia, will be signed today. Collectively, Tulu Moye and Corbetti will transform the provision of clean, reliable power in Ethiopia and catalyse further investment in Ethiopia which is key for unlocking essential infrastructure needed to further boost the country’s economy.