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Ethiopian Electric Power (EEP) signed its first power purchase agreement with Corbetti Geothermal on December 19 to buy geothermal power over the next twenty five years.
The Geothermal project which costs USD four billion is located in Corbetti (East Arsi Zone). The Tulu Moye and Abaya projects are excepted to be completed in the next eight years. Each could generate up to 500 megawatts.
According to the deal EEP will pay USD 0.75/kwh for purchasing power from Corbetti and USD 0.695/kwh for Moye and Abaya geothermal power.
Corbetti Geothermal was initially formed by an Ethiopian affiliated company called Rift Valley Geothermal and its Icelandic partner Reykjavik Geothermal. Currently Berkley Energy and Iceland Drilling have joined the company. Berkley is the major shareholder with at 53 percent.
Eng. Azeb Asnake, CEO of EEP and representatives of Corbetti Geothermal; Luca Buljani and Edi Nijorge signed the agreement.
Eng. Azeb said the projects will help Ethiopia meet its power demand.