PIDG, Taranis sign loan agreement to support Corbetti geothermal project in Ethiopia
Signing of loan agreement between PIDG and Taranis for Corbetti Geothermal project, Ethiopia (source: PIDG)
Carlo Cariaga
18 Jun 2026
A convertible loan agreement has been signed between PIDG and Taranis to support the Corbetti Geothermal Project in Ethiopia.
The Private Infrastructure Development Group (PIDG) has announced the signing of a convertible loan agreement with Taranis Operations Ltd (Taranis) into the Corbetti Geothermal Project in Ethiopia. This is the first step of a more extensive partnership which will include the prospective investment of USD 27 million equity into the project.
The announcement was made by the two companies during the Africa Energy Forum in Cape Town in South Africa.
Through its project development solution, Infraco, PIDG has been committed to the Corbetti geothermal project since 2015. The funding by Taranis marks an important milestone in developing Corbetti, one of the very first geothermal projects in Africa to be developed by private capital. Once exploration drilling is complete, the first phase of the project will consist of production wells and a steam field for a 50MW power plant. A second phase is expected to develop an additional 100MW.
PIDG is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and southeast Asia. The group’s investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs).
Since 2002, PIDG has supported 286 infrastructure projects to financial close, which provided an estimated 240 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia and Sweden, and Global Affairs Canada.
“We are excited to progress the Corbetti Geothermal project with Taranis. As a private sector company with a proven track record in renewables, Taranis brings its technical expertise and capital to the project, and its work has strong alignment with PIDG’s mandate. Harnessing the potential of geothermal energy to provide Ethiopia’s homes and businesses with sustainable, baseload power has long been our priority, and we are pleased to reach this important milestone with our partners today,” said PIDG Head of Business Development (Africa) for InfraCo, Omar Jabri.
Taranis (part of an industrial Group) is an impact-investment vehicle, active in the fields of sustainable energy, carbon management and nature-based solutions. Building on its industrial heritage, Taranis, unlike traditional investment funds, adopts the position of an active operator envisioning a long-term, high-impact strategy where people and innovation are at the centre of each impactful initiative. Through its Energy for Africa vertical, Taranis has an objective to install 1 GW by 2030 across the African continent.
“Corbetti Geothermal is the kind of project where Taranis can deliver the greatest value. By helping to overcome complex technical challenges and accelerate project development, we are supporting the expansion of reliable, low-carbon energy in Ethiopia. Corbetti is the perfect opportunity to demonstrate how geothermal power can play a critical role in improving energy access for people and businesses in the region,” said Taranis CEO Emmanuel Colombel.
Interest in developing the Corbetti project had been recorded since 2012, with various developers, financial institutions, and service companies being attached to the project through the years. Tenders for drilling and Owner’s Engineer services were announced within the last five years. No substantial updates on the progress of the project have been published since then.
Source: Email correspondence
