UK drilling firm secures loan to fund work on Ethiopia geothermal projects
Marriott Drilling Group will use funding from the seven-figure loan as working capital to support the ongoing drilling operations at geothermal projects in Ethiopia.
UK-based Marriott Drilling Group (Marriott) has secured a seven-figure loan from NPIF – Mercia Debt Finance which the company will use as capital for their work on two geothermal projects in Ethiopia. We have recently reported on the selection of Marriott as the second drilling contractor for the Tulu Moye geothermal project.
Marriott has invested on two new drilling rigs that are now already being shipped to Ethiopia. The projects in Tulu Moye and Hawassa will be Ethiopia’s first geothermal power stations. Funding from the loan will be used by Marriot as working capital for the ongoing operations which is expected to last for four years.
Tulu Moye Geothermal Operations (TMGO) recently announced the spudding of Well GD1 at the Tulu Moye geothermal project, signaling the start of drilling operations. This project has a target installed capacity of 150 MW which will be developed in two phases.
Marriott, which won the Queen’s Award for International Trade earlier this year, provides services worldwide to the geothermal, water, mining, and oil and gas industries.