Reykjavík Geothermal have announced the commencement of exploration drilling for the Tulu Moye Geothermal Project where three exploration wells will be drilled in the project area located in the Oromia Region, Ethiopia.
This long-awaited milestone was spearheaded by the independent energy company Tulu Moye Geothermal Operations (TMGO), a shareholding company of the investment firm Meridiam SAS based in Paris, and Reykjavík Geothermal.
The drilling marks the start of the development of a 150 MW geothermal power plant with an anticipated total investment of US$800 million. The first phase is projected to be complete by 2023 with a 50 MW plant, then reaching 150 MW through the second project phase with an expected completion by 2025. Ultimately, the project will generate 150 MW towards the baseload electricity needs of the Ethiopian Electricity Grid.