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Tulu Moye funded by SEFA

Tulu Moye, a geothermal power plant in Ethiopia, is receiving a grant from the Sustainable Energy Fund for Africa (SEFA).

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Tulu Moye, a geothermal power plant in Ethiopia, is receiving a grant from the Sustainable Energy Fund for Africa (SEFA).

A major grant

Tulu Moye is receiving a $10 million grant for geothermal resource development from SEFA. This geothermal power plant will be the first large-scale private sector geothermal development in Ethiopia. In addition, it will also be the country’s first independent power producer.

This project will first add 50MW of renewable energy to the Ethiopian power system. The Board of Directors of the African Development Bank Group approved a $10 million repayable grant. Indeed, this decision is the first of its kind.

The project consists of developing, designing, building, financing, operating and maintaining a 150MW geothermal power plant. It is divided into two phases, phase 1 corresponding to a 50MW power plant. Phase 2 adds another 100MW.

A first project in Ethiopia

The Tulu Moye Geothermal Operations PLC (TMGO) project involves the development and operation of a geothermal power plant. In addition, Meridiam, a Paris-based multinational company, and Reykjavik Geothermal of Iceland own TMGO. The SEFA grant helps attract commercial debt capital to finance the project.

In addition, this contribution should inspire other private sector geothermal projects in East Africa. Maxence Mirabeau, CEO of TMGO, says:

“It is essential to be financially supported during the risky drilling period by a key institution. SEFA is a unique solution to unlock the geothermal potential in Africa. Few people can do it! Thanks to the SEFA/African Development Bank team.”

Indeed, SEFA plays a critical role in supporting the evaluation and development of geothermal resources, which is the riskiest phase of the project.

The Tulu Moye geothermal power plant promises energy prosperity for Ethiopia. At the same time, the country is setting up gigantic hydroelectric works, including the Renaissance Dam and its 6GW potential. The country is thus positioning itself a little more on the African energy market, particularly in renewable energies.

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