Ethiopia signs $4BN deal to build 1,000 MW-geothermal power plants

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Ethiopia has signed an agreement to build two geothermal power plants at a combined cost of $4 billion, to be run by the country’s first privately-owned utility.

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The Corbetti and Tulu Moye plants will produce a combined 1,000 MW of power upon completion in eight years time in the volcanically-active Rift Valley south of the capital Addis Ababa.

Ethiopia is eager to meet rising energy demand from its industries as well as becoming the continent’s biggest exporter of energy.