Embassy of Ethiopia, London, United Kingdom: The Corbetti Geothermal project in Ethiopia has signed a contract with UK company Marriott Drilling Group to drill up to four exploration wells in the Corbetti Caldera, near Shashemene in Oromia. Today’s signing follows the recent announcement by Taranis Operations Ltd (Taranis) that it has successfully acquired the majority interest in the project, coming in alongside the Private Infrastructure Development Group (PIDG) which retains a significant minority interest of approximately 40 per cent. PIDG has made a further equity contribution of USD 7.2m alongside Taranis through its project development solution, InfraCo Africa Business Development Limited (InfraCo).
Michael Dillon, Commercial Director for Marriott Drilling Group said “We are delighted to have been awarded the exploration drilling contract for the Corbetti geothermal project. This is an important step towards unlocking the resource and supporting Ethiopia’s renewable energy ambitions. We look forward to working closely with Taranis, PIDG, and the wider project team to deliver a safe and successful drilling programme, supporting the shareholders’ long-term vision for Corbetti.”
Kevin Ziemer, Managing Director of Taranis, said: “Taranis is delighted to be partnering with PIDG to advance a project that has the potential to deliver reliable, renewable baseload power while supporting Ethiopia’s energy transition and economic development. The signing of the drilling contract Marriott is an important milestone of the project and illustrates the commitment towards Corbetti. We look forward to progressing exploration drilling and unlocking the next stage of growth for the project. We are confident in the ability of the experienced and dedicated team at Corbetti Geothermal PLC to successfully deliver the project to completion.”
Omar Jabri, Head of Business Development (Africa) for InfraCo said, “Corbetti aligns closely with PIDG’s mandate to deliver climate-positive infrastructure which promotes sustainable development. We have been committed to harnessing the potential of Ethiopia’s geothermal resource for over 10 years, supporting the project to attract investment for the exploration drilling phase. With Taranis coming in, and today’s signing with experienced geothermal drilling company, Marriott, we are now able to commence works needed to confirm the geothermal resource. Once completed, this will allow this important project to progress towards financial close to help meet the energy needs of Ethiopia’s homes and businesses whilst contributing to the country’s ambitious climate targets. This transaction was made possible thanks to the support of the Ministry of Mines and Ethiopian Electric Power. I would also like to express our gratitude to the British Embassy in Ethiopia for its support.”
Following exploration drilling, the first phase of the Corbetti Geothermal project is expected to comprise of production and injection wells together with a steam field to support a 50MW power plant, with a second phase planned to reach 150MW. As one of the first geothermal projects in Africa to be developed from green field by private capital, Corbetti will add renewable baseload power to Ethiopia’s national grid, contributing to the resilience of Ethiopia’s renewable energy landscape in the face of climate change.
With Taranis taking the lead on the next phase of project exploration and development, a drilling rig will arrive on site in the coming months, final site preparation activities are underway to allow drilling to commence early in the new year.
