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Taranis Acquires Stake in Corbetti Geothermal Project with $33M Financing

BirrMetrics · 3 hours ago · Read the Full Story on BirrMetrics
Taranis Acquires Stake in Corbetti Geothermal Project with $33M Financing
AI SUMMARY

Perenco’s investment arm Taranis has joined InfraCo Africa in a $33.34 million financing arrangement to fund exploration drilling for the 150-megawatt Corbetti geothermal project in Ethiopia.

  • Taranis, the investment arm of oil and gas group Perenco, acquired an equity stake in the Corbetti geothermal project.
  • The financing arrangement totals approximately 33.34 million US dollars and includes InfraCo Africa as a partner.
  • Taranis secured a reference shareholder position in Corbetti HoldCo through approximately 23.84 million US dollars in equity subscriptions and a 9.5 million US dollar convertible loan facility.
  • InfraCo Africa is the project development arm of the Private Infrastructure Development Group (PIDG).
  • The Corbetti development is located in the Corbetti caldera, approximately 250 kilometres south of Addis Ababa.
  • The project is planned to generate up to 150 megawatts of electricity across two phases.
  • The first phase involves drilling production wells, establishing a geothermal steam field, and supporting a 50-megawatt power plant.
  • The second phase is designed to add another 100 megawatts, depending on exploration results.
  • Exploration drilling is the immediate priority to determine if underground steam resources can support commercial electricity generation.
  • Ethiopia relies heavily on hydropower and is pursuing geothermal energy to diversify its electricity generation sources.
  • Developers are also examining opportunities to use heat from geothermal fluids in agricultural and industrial activities, alongside potential water supply infrastructure for nearby communities.
Read the Full Story on BirrMetrics
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