News

Reykjavik Geothermal secures $1m GRMF grant for studies on Ethiopian project

Signing ceremony, Nov. 30, 2015 (source: African Union)
Alexander Richter 2 Dec 2015

Reykjavik Geothermal secures $1 million grant for surface studies at the Tulu-Moye geothermal project in Ethiopia. The grant is funded by GRMF.

The African Union Commission (AUC), through its’ Department of Infrastructure and Energy, and Reykjavik Geothermal ehf signed a Grant Contract for financial support – totalling USD 1,314,000, to conduct surface study activities at the Reykjavík Geothermal ehf owned Tulu-Moye geothermal prospect located in Ethiopia. The Grant Contract was signed by the AUC Commissioner for Infrastructure and Energy, Dr. Elham M. A. Ibrahim, and Mr. Jón Örn Jónsson, on behalf of Reykjavik Geothermal ehf, at the AUC headquarter.

The AUC Commissioner for Infrastructure and Energy Dr. Elham M. A. Ibrahim congratulated the Reykjavik Geothermal ehf for securing this Grant and their achievement in geothermal development, which will contribute to improving the quality of life of the people of Ethiopia.

GRMF is funded by the German Government, European Union and DFID and provides the following financial support in form of grants to surface studies as well as exploration drilling and testing programmes to beneficiaries from 11 eligible countries along the Eastern African rift who’s projects qualify in a 2-stage application process:

  • 20% of approved allowable costs for infrastructure required for eligible surface studies or eligible drilling programmes (e.g. access, water, power)
  • 80% of approved allowable costs of Surface studies
  • 40% of approved allowed costs for the exploration drilling and testing programme (ex-cluding infrastructure costs)
  • up to 30% of the approved eligible costs of continuation activities or up to 30% of the developer’s share of the approved eligible costs incurred during the initial drilling and testing programme – whatever is lower.

For detailed information about the Geothermal Risk Mitigation Facility (GRMF) please visit the GRMF website: http://www.grmf-eastafrica.org/

– See more at: http://www.au.int/en/pressreleases/19398/auc-signs-grant-agreement-reykjavik-geothermal#sthash.FcaMIs2K.dpuf