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The African Development Bank approved a US$ 10 million grant for the Tulu Moye Geothermal Project for undertaking the project’s drilling program.
The African Development Bank approved a US$ 10 million grant for the Tulu Moye Geothermal Project for undertaking the project’s drilling program.
In 2020 a US$ 1.55 million grant was allocated for the project by the US International Development Corporation. Geothermal Risk Mitigation Facility provided an additional grant of US$ 9.9 million to supplement the resources of the project.
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The project is run by Tulu Moye Geothermal Operations (TMGO). It is owned by Meridian, a multinational corporation, and Reykjavik Geothermal which is based in Iceland. When it becomes operational, it will be the first large-scale private sector-driven geothermal development and the first independent power producer in Ethiopia.
