The project will be built in two phases of 500MW over the next eight to ten years with proposed first phase in the Corbetti prospect to become fully operational by 2018 including the first 10MW by 2015 and 100 MW by 2016.
Ethiopian Electric Power has agreed to purchase the entire output for 25 years from the Corbetti project, located in the central section of the Main Ethiopia Rift close to the cities of Awasa and Shashemene.
EEPCO CEO Miheret Debebe said that the project combines the expertise for electrical power generation of Ethiopia, geothermal technical knowledge of Iceland and the financial and structuring expertise of the US.
"This project will set a new benchmark for large scale projects financed by the private sector and will help Ethiopia unleash its full energy potential," Debebe added.
