A major milestone has been reached in advancing renewable energy options and strengthening private sector participation in Ethiopia. The Private Infrastructure Development Group (PIDG) and Taranis Operations Ltd (Taranis) have officially signed a convertible loan agreement to support the Corbetti Geothermal project currently under development in Ethiopia. This agreement marks the first phase of a broader strategic partnership between the two institutions, with Taranis planning a subsequent equity investment of USD 27 million (approximately 4.18 billion Ethiopian Birr) into the project.
This historic official announcement was made during the Africa Energy Forum held in Cape Town, South Africa, where both companies released a joint statement confirming their readiness to elevate the Corbetti project to its next stage.
Through its project development arm, InfraCo, PIDG has been a dedicated partner committed to the Corbetti geothermal project since 2015. Consequently, Taranis’s commitment of funding and technical expertise is viewed as a major milestone for Corbetti, which stands as one of the very first geothermal projects in Africa to be developed using private capital. According to the agreement, once exploration drilling operations are complete, the first phase of the project will consist of production wells and a steam field to support a 50MW power plant. The second phase is expected to generate an additional 100MW, bringing the facility’s total capacity to 150MW.
PIDG is an innovative infrastructure developer and investor that mobilizes private investment in sustainable and inclusive infrastructure across sub-Saharan Africa, South Asia, and Southeast Asia. The group’s investments drive socio-economic development, combat poverty, and advance the Sustainable Development Goals (SDGs) within a just transition to net-zero emissions. Since 2002, the institution has brought 286 infrastructure projects to financial close, providing 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, Sweden, and Global Affairs Canada.
Commenting on the agreement, Omar Jabri, PIDG’s Head of Business Development (Africa) for InfraCo, stated: “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.”
On his part, Taranis CEO Emmanuel Colombel noted: “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.”
Taranis (part of a large industrial Group) is an impact-investment vehicle active in the fields of sustainable energy, carbon management, and nature-based solutions. Unlike traditional investment funds, Taranis adopts the position of an active operator, envisioning a long-term, high-impact strategy that places people and innovation at the center. Through its “Energy for Africa” vertical, the institution has set a goal to install 1 GW of power across the African continent by 2030.
