en.Wedoany.com Reported - During the Africa Energy Forum held in Cape Town, South Africa, the Private Infrastructure Development Group (PIDG) and Taranis Operations Ltd (Taranis) jointly announced the signing of a convertible loan agreement for the Corbetti geothermal project in Ethiopia. This agreement is seen as the beginning of a broader partnership, which may potentially involve an equity investment of up to $27 million in the project.
PIDG's project development solution, Infraco, has been driving the Corbetti geothermal project since 2015. The financing provided by Taranis marks a significant milestone in the project's development, which is also one of the earliest privately-led geothermal projects in Africa. According to the plan, after completing exploration drilling, Phase I of the project will involve constructing a steam field required for production wells and a 50 MW power plant, with Phase II planning to add an additional 100 MW of capacity.
PIDG is an infrastructure project development and investment institution focused on sub-Saharan Africa, South Asia, and Southeast Asia, dedicated to directing private capital toward sustainable and inclusive infrastructure. Its investment strategy aims to support a just transition of the socio-economy to net-zero emissions, eradicate poverty, and contribute to the achievement of the United Nations Sustainable Development Goals. Since 2002, PIDG has facilitated the financial close of 286 infrastructure projects, estimated to have benefited 240 million people through new or upgraded infrastructure. The group's funders include the governments of the United Kingdom, the Netherlands, Switzerland, Australia, and Sweden, as well as Global Affairs Canada.
Omar Jabri, Head of Business Development (Africa) at PIDG InfraCo, expressed pleasure in advancing the Corbetti geothermal project with Taranis. He noted that Taranis, as a private enterprise with a strong track record in the renewable energy sector, brings technical expertise and capital to the project, aligning with PIDG's mission. Utilizing geothermal energy to provide sustainable baseload power for Ethiopian households and businesses has always been a priority for PIDG.
Taranis is an impact investment vehicle affiliated with an industrial group, with business operations covering sustainable energy, carbon management, and nature-based solutions. Leveraging its industrial background, Taranis adopts an active operator positioning distinct from traditional investment funds, pursuing a long-term, high-impact strategy centered on people and innovation. Through its "Energy for Africa" business segment, Taranis has set a target of achieving 1 GW of installed capacity in Africa by 2030. Taranis CEO Emmanuel Colombel believes that the Corbetti geothermal project is the type of project where Taranis can fully realize its value. By helping to overcome complex technical challenges and accelerating project development, Taranis is supporting Ethiopia in expanding the supply of reliable, low-carbon energy. The Corbetti project fully demonstrates the critical role geothermal energy can play in improving energy access for local residents and businesses.
Attention to the Corbetti geothermal project dates back to 2012, involving multiple developers, financial institutions, and service companies over the years. In the past five years, the project has issued tenders for drilling and owner's engineer services, but no significant progress updates have been announced since then.
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