Pictured L to R: Maha Khalfi, (Corporate Finance Manager, Taranis), Kevin Ziemer (Managing Director of Energy for Africa, Taranis), Omar Jabri (Head of Business Development, Africa, PIDG), Abdelali Halhal (Regional Business Development Lead, PIDG), Michiel Oosterhaven (Regional Business Development Lead, PIDG).
Cape Town, South Africa: The Private Infrastructure Development Group (PIDG) has today announced the signature by Taranis Operations Ltd (Taranis) of a convertible loan agreement into the Corbetti Geothermal project, a first step of a more extensive partnership including the prospective investment of USD 27 million equity into the Corbetti Geothermal project. The project is located in Ethiopia’s Corbetti Caldera, 250km from Addis Ababa. The companies made the announcement at the Africa Energy Forum in Cape Town.
PIDG has been committed to the Corbetti Geothermal project – through its project development solution, InfraCo – since 2015. The funding by Taranis marks an important milestone in developing Corbetti, one of the very first geothermal projects in Africa to be developed by private capital. Once exploration drilling is complete, the first phase of the project will consist of production wells and a steam field for a 50MW power plant. A second phase is expected to develop an additional 100MW, contributing to Ethiopia’s renewable energy targets.
PIDG Head of Business Development (Africa) for InfraCo, Omar Jabri, said, “We are excited to progress the Corbetti Geothermal project with Taranis. As a private sector company with a proven track record in renewables, Taranis brings its technical expertise and capital to the project, and its work has strong alignment with PIDG’s mandate. Harnessing the potential of geothermal energy to provide Ethiopia’s homes and businesses with sustainable, baseload power has long been our priority, and we are pleased to reach this important milestone with our partners today.”
Taranis CEO, Emmanuel Colombel, said, “Corbetti Geothermal is the kind of project where Taranis can deliver the greatest value. By helping to overcome complex technical challenges and accelerate project development, we are supporting the expansion of reliable, low-carbon energy in Ethiopia. Corbetti is the perfect opportunity to demonstrate how geothermal power can play a critical role in improving energy access for people and businesses in the region.”
