Reykjavik Geothermal to Begin Exploration Drilling for $4.4bn Energy Project in Ethiopia

Reykjavik Geothermal to Begin Exploration Drilling for 4.4bn Energy Project in EthiopiaReykjavik Geothermal, a power developer backed by hedge fund billionaire Paul Tudor Jones II, is about to kick off a $4.4 billion project to bring volcanic energy to Ethiopia.

Tapping long-built Icelandic expertise in channeling volcanic power, the developer is preparing to start exploration drilling in September for two 500-megawatt plants in Corbetti and Tulu Moye, south of the capital Addis Ababa.

At full-scale, each project would become the largest independent power producer in Africa, according to RG. The Reykjavik-based company’s exploration teams have picked spots to drill where they can see steam rising from the ground, according to Bloomberg.

“All the results from the surface exploration work indicate that we are developing projects in a huge caldera, huge active volcanoes which can sustain at least 1,000 megawatts or more,” Gunnar Orn Gunnarsson, RG’s chief operating officer, said in an interview in Reykjavik.

The projects would become a vital cog in Ethiopia’s drive to become a middle-income country by 2025.

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