ETHIOPIA: Marriott secures funding for drilling at two geothermal sites

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Marriott Drilling Group secures financing for its drilling contracts in Ethiopia. The Chesterfield, England-based company has secured funding from NPIF-Mercia Debt Finance, an investment company managed by Mercia and part of the Northern Powerhouse Investment Fund (NPIF). The amount of the deal has not been disclosed, but NPIF says it is a “seven figure loan”.

According to the investment firm, the funding will provide working capital to support Marriott’s ongoing drilling operations at two geothermal sites in Ethiopia. These are Tulu Moye and Hawassa developed by Tulu Moye Geothermal Operations (TMGO), an ad hoc vehicle owned by Meridiam, a French company specializing in the development, financing and management of infrastructure projects, and Reykjavík Geothermal, a geothermal energy company based in Iceland. .

Read also- Ethiopia: start of tests of new geothermal wells in Aluto Langano

The Tulu Moye geothermal project aims for an installed capacity of 150 MWe to be achieved in three phases of 50 MWe each. “The Tulu Moye and Hawassa projects will be key to deploying renewable energy to meet Ethiopia’s growing electricity needs and we are excited to play our part. The NPIF-Mercia Debt Finance financing will provide additional capital to support day-to-day operations at the site,” said David Jones, financial controller of Marriott.

As part of the Tulu Moye geothermal project, a drilling contract has also been signed with the Kenya Electricity Generating Company (KenGen), which completed the first well in April 2021. In total, the majority Kenyan state company will drill eight geothermal wells in the Ethiopian Rift Valley.

Jean-Marie Takouleu

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