Tulu Moye Geothermal Power Plant Phase I

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The first 50MW phase of the Tulu Moye geothermal power plant will be located in the area around the eponymous volcano in Oromia. The shareholders in project company Tulu Moye Geothermal Operation (TMGO) are: Reykjavik Geothermal – 50% Meridiam Infrastructure Africa Fund– 50% Total project cost for Phase I is 251.45 USDm. AfDB provided 82.5 USDm loan, MIGA provided 67.5 USDm in March 2021 and Climate Investment Funds provided 10 USDm in 2020. Equity financing amounted to 53.46 USDm. Financial Closure was achieved in March 2021. The sponsors expect the full 520MW capacity reached by 2023. The project is in line with the government of Ethiopia’s plan to increase geothermal generation by up to 18% of the country’s energy mix by 2024 https://ijglobal.com/data/project/37400?name=Tulu%20Moye%20Geothermal%20Power%20Plant%20Phase%20I%20(50MW)&link=%2Farticles%2F150672%2Fdfc-signs-grant-for-tulu-moye-geothermal https://financesapp.worldbank.org/summaries/miga/#regions=SSA/