Economy
Two Geothermal Companies That Halted Operations Negotiate to Resume Work
Wazema · 2 weeks ago · Read the Full Story on Wazema
AI SUMMARY
Two geothermal projects that previously suspended operations in Ethiopia are currently negotiating with the government to resume activities and revise power purchase agreements.
- The Tulu Moye Geothermal project halted operations three years ago in 2023 due to security concerns after attacks by armed groups.
- The Ethiopian government and Tulu Moye recently signed a temporary agreement to drop ongoing legal disputes and are negotiating power purchase and investment agreements.
- Tulu Moye is a joint venture between France's Meridiam and Iceland's Reykjavik Geothermal, aimed at generating 500 megawatts of electricity in the Arsi Zone of the Oromia region.
- Meridiam previously sought insurance payouts from the World Bank's Multilateral Investment Guarantee Agency (MIGA) for its losses.
- Corbetti Geothermal also halted operations due to financial shortages and a disagreement over power purchase agreement pricing.
- Corbetti has reached an agreement with Taranis Operations, a firm under the Perenco Group, to address its financial challenges and renew agreements to restart drilling.
Related
Ethiopia’s Youth Investment Bank Eyes Launch This Year, Targets Funding 100+ Startups
The Reporter · 9 hours ago
Somalia Locked Out of Correspondent Banking as Trade Costs Mount
BirrMetrics · yesterday
Aysha Wind Project Draws Another Lender as Financial Close Nears
Addis Fortune · 3 days ago
T-Bill Yields Slide to a Record Low as Banks Return to Lending
Addis Fortune · 3 days ago