Meridiam signed a Power Purchase Agreement (PPA) and Implementation Agreement (IA) with Ethiopian Electric Power (EEP) and the Government of Ethiopia (GoE), for the development of the Tulu Moye geothermal project located about 100km south east of Addis Ababa.
The Tulu Moye geothermal area is a promising geothermal field with an estimated capacity of +1GW. Phase 1 of the project targets the development of a 50MW power plant. A total of 500MW is planned to be developed over 4 phases.
The Tule Moye Geothermal Project will be constructed in the area around the Tule Moye volcano in Oromia. The site has been studied intensely by the RG team together with Ethiopian scientists together for the past 3 years. The results of the study show the area to be one of the best geothermal resources in the world and it is expected to be able to sustain more than the original 500 MW planned for the initial project. The partners at Tule Moye are planning to have the first 50MW on line by 2020 and the full 500 MW by 2023. The full project will be a private investment into Ethiopia of more than $USD 2 billion.
The Tulu Moye project represents an important milestone in Meridiam's commitment to sustainably supporting Ethiopia’s infrastructure development efforts.
This commitment started 3 years ago when the decision was made to establish our regional office for East Africa in Addis Ababa. Since then, the team has been working towards building a long-term partnership with the Ethiopian Government in order to develop its essential infrastructure through PPPs and thereby implementing the best Environmental and Social Governance (ESG) standards.