- Taranis signs convertible loan agreement as first step toward a prospective US$27 million equity investment in Corbetti Geothermal.
- Project will initially deliver 50 MW of renewable baseload power, with plans to expand capacity by a further 100 MW.
- Corbetti is among Africa’s first privately developed geothermal energy projects.
The Private Infrastructure Development Group (PIDG) has announced the signing of a convertible loan agreement by Taranis Operations Ltd for Ethiopia’s Corbetti Geothermal project, marking a significant milestone in the development of one of Africa’s pioneering privately financed geothermal energy projects.
The agreement represents the first stage of a broader partnership that could see Taranis invest up to US$27 million in equity into the project, located within Ethiopia’s Corbetti Caldera, approximately 250 km south of Addis Ababa. The announcement was made during the Africa Energy Forum in Cape Town.
PIDG, through its project development arm InfraCo, has supported the Corbetti Geothermal project since 2015. The latest funding commitment is expected to accelerate project development and support the next phase of exploration activities.
Following the completion of exploration drilling, the project’s first phase will include the development of production wells and a steam field to supply a 50 MW geothermal power plant. A second phase is planned to add a further 100 MW of generation capacity, supporting Ethiopia’s renewable energy ambitions and strengthening the country’s electricity supply.
Omar Jabri, Head of Business Development for Africa at InfraCo, said the partnership with Taranis represents an important step forward for the project.
“We are excited to progress the Corbetti Geothermal project with Taranis. As a private sector company with a proven track record in renewable energy, Taranis brings both technical expertise and capital to the project, with strong alignment to PIDG’s development mandate. Unlocking Ethiopia’s geothermal potential to provide sustainable baseload power for homes and businesses has long been a priority, and we are pleased to reach this important milestone with our partners.”
Emmanuel Colombel, Chief Executive Officer of Taranis, said the project aligns closely with the company’s focus on supporting complex renewable energy developments.
“Corbetti Geothermal is the type of project where Taranis can create significant value. By helping address technical challenges and accelerating development, we are supporting the expansion of reliable, low carbon energy in Ethiopia. Corbetti presents a strong opportunity to demonstrate the critical role geothermal power can play in improving energy access for businesses and communities across the region.”
Author: Bryan Groenendaal
