{"id":8281,"date":"2020-05-18T09:14:42","date_gmt":"2020-05-18T09:14:42","guid":{"rendered":"http:\/\/oilnewskenya.com\/?p=8281"},"modified":"2020-06-08T09:15:44","modified_gmt":"2020-06-08T09:15:44","slug":"african-development-bank-welcomes-10-million-clean-technology-fund-investment-to-diversify-ethiopias-energy-mix","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/african-development-bank-welcomes-10-million-clean-technology-fund-investment-to-diversify-ethiopias-energy-mix\/","title":{"rendered":"African Development Bank welcomes $10 million Clean Technology Fund investment to diversify Ethiopia\u2019s energy mix"},"content":{"rendered":"

The African Development Bank has welcomed a decision by the Trust Fund Committee of the Clean Technology Fund CTF<\/a>), one of two funds within the Climate Investment Funds\u00a0(CIF<\/a>), to extend a $10 million \u00a0concessional senior loan for development of the 50 MW Tulu Moyo Geothermal Power Plant project in\u00a0Ethiopia<\/a>.<\/p>\n

The CTF approved the loan on 20 April 2020. The project is seen as a critical step to the East African country\u2019s drive to harness sustainable and resilient energy resources to support its economy and livelihoods. With this investment, CTF becomes the first geothermal Independent Power Producer (IPP) in Ethiopia.<\/p>\n

\u201cWe welcome the participation of CTF in this project. These concessional resources will be instrumental in helping the country to diversify its energy mix by facilitating the deployment of renewable energy technologies while supporting Ethiopia in meeting the targets under its National Electrification Plan 2.0,\u201d said Anthony Nyong, Director of Climate Change and Green Growth at the Bank.<\/p>\n

The project entails the design, construction, commissioning and operation of a 50 MW geothermal power plant under a Build, Own, Operate and Transfer (BOOT) scheme, and marks the first phase of the Ethiopian government\u2019s plan to build a\u00a0cumulative generation capacity of 150 MW by 2024.<\/p>\n

The project will include a sub-station and an 11 km transmission line.<\/p>\n

Antony Karembu, Principal Investment Officer and Renewable Energy Specialist at the African Development Bank noted that as the first geothermal Independent Power Producer in Ethiopia, CTF will leverage climate finance options in mobilizing private sector operators for the project.<\/p>\n

The project is expected to curb greenhouse gas emissions by over 10 million tons\u00a0CO2\u00a0equivalent over its lifetime, and will create around 600 jobs\u201d Karembu said.<\/p>\n

CTF will catalyze the deployment of renewable energy technologies in Ethiopia and will underpin future investments into the sector as first-mover risks are reduced and compliance requirements are better understood to all market participants, stated Leandro Azevedo, Principal Climate Finance Officer and CIF coordinator at the African Development Bank.<\/p>\n

The CTF funds will be drawn from the Dedicated Private Sector Program III designed to provide risk-appropriate financing for high-impact, large-scale private sector projects in clean technologies.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

The African Development Bank has welcomed a decision by the Trust Fund Committee of the Clean Technology Fund CTF), one of two funds within the Climate Investment Funds\u00a0(CIF), to extend … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8282,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7443,4747,4746],"tags":[80,7485,7486,7487,809,7484],"class_list":["post-8281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eastern-africa","category-geothermal","category-renewables-2","tag-african-development-bank","tag-antony-karembu","tag-clean-technology-fund","tag-climate-investment-funds","tag-ethiopia","tag-tulu-moyo-geothermal-power-plant","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Ethiopia-Tulu-Moye.jpg?fit=680%2C510&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-29z","jetpack-related-posts":[{"id":11131,"url":"https:\/\/www.oilnewskenya.com\/index.php\/ethiopia-kengen-completes-eeps-deepest-geothermal-well\/","url_meta":{"origin":8281,"position":0},"title":"Ethiopia KenGen Completes EEP’s Deepest Geothermal Well","author":"","date":"November 12, 2021","format":false,"excerpt":"Kenya Electricity Generating Company (KenGen) has announced the completion of a 3,000-meter geothermal well in Ethiopia, which exceeded the target of 2,750 meters. This is the second of eight wells it has been commissioned to drill by Ethiopian Electric Power Company (EEP) the state-owned electricity producer as Ethiopia seeks to\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/KenGen-drilling-Aluto-Langano.jpeg?fit=800%2C599&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/KenGen-drilling-Aluto-Langano.jpeg?fit=800%2C599&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/KenGen-drilling-Aluto-Langano.jpeg?fit=800%2C599&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/KenGen-drilling-Aluto-Langano.jpeg?fit=800%2C599&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":14733,"url":"https:\/\/www.oilnewskenya.com\/index.php\/the-future-of-africas-energy-sector-balancing-fossil-fuels-and-renewables-by-nj-ayuk\/","url_meta":{"origin":8281,"position":1},"title":"The Future of Africa’s Energy Sector: Balancing Fossil Fuels and Renewables","author":"","date":"February 27, 2025","format":false,"excerpt":"By NJ Ayuk, Executive Chairman, African Energy Chamber There\u2019s a promising future for African renewables as the continent strives to balance its current reliance on fossil fuels. That\u2019s the prediction of the African Energy Chamber\u2019s\u00a02025 Outlook Report on the State of African Energy. As I have said before, Africa will\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/10\/Mainstream-Renewable-Power-in-South-Africa.webp?fit=640%2C427&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/10\/Mainstream-Renewable-Power-in-South-Africa.webp?fit=640%2C427&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/10\/Mainstream-Renewable-Power-in-South-Africa.webp?fit=640%2C427&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":11239,"url":"https:\/\/www.oilnewskenya.com\/index.php\/djibouti-kengen-commences-multi-well-drilling-campaign\/","url_meta":{"origin":8281,"position":2},"title":"DJIBOUTI: KenGen Commences Multi-well Drilling Campaign","author":"","date":"November 25, 2021","format":false,"excerpt":"Kenya Electricity Generating Company (KenGen) PLC has commenced drilling of the first of three geothermal wells in Djibouti setting in motion a Ksh.0.7 billion contract signed in February this year. The drilling of the first well is expected to take about two months to complete as KenGen seeks to export\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/KenGen-Djibouti.jpg?fit=720%2C540&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/KenGen-Djibouti.jpg?fit=720%2C540&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/KenGen-Djibouti.jpg?fit=720%2C540&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/KenGen-Djibouti.jpg?fit=720%2C540&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8034,"url":"https:\/\/www.oilnewskenya.com\/index.php\/toshiba-wins-order-in-ethiopia-for-small-scale-geothermal-power-generation-system-for-wellhead\/","url_meta":{"origin":8281,"position":3},"title":"Toshiba Wins Order in Ethiopia for Small Scale Geothermal Power Generation System for Wellhead","author":"","date":"March 3, 2020","format":false,"excerpt":"Toshiba Energy Systems & Solutions Corporation (Toshiba ESS)\u00a0 has announced that the company, Toyota Tsusho Corporation and Turkish engineering company Egesim Energy Electro-Mechanic Construction Contracting Co., Ltd. have received an order of engineering, procurement and construction for Aluto Langano Geothermal Wellhead Power System in central Ethiopia, which is developed by\u2026","rel":"","context":"In "Geothermal"","block_context":{"text":"Geothermal","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/renewables-2\/geothermal\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":12010,"url":"https:\/\/www.oilnewskenya.com\/index.php\/africagogreen-fund-receives-over-30m-investments-from-the-afdb-the-sefa-and-the-nordic-development-fund\/","url_meta":{"origin":8281,"position":4},"title":"AfricaGoGreen Fund receives over $30M investments from the AfDB, the SEFA, and the Nordic Development Fund","author":"","date":"March 11, 2022","format":false,"excerpt":"The African Development Bank and the Bank\u2019s Sustainable Energy Fund for Africa (SEFA) have approved a combined-equity investment of $20 million in the AfricaGoGreen Fund, a debt fund established to promote private investments in energy-efficient technologies and business models, with the objective of decarbonising African economies and accelerating the energy\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/02\/green-hydrogen.jpg?fit=1200%2C594&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/02\/green-hydrogen.jpg?fit=1200%2C594&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/02\/green-hydrogen.jpg?fit=1200%2C594&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/02\/green-hydrogen.jpg?fit=1200%2C594&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2022\/02\/green-hydrogen.jpg?fit=1200%2C594&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":9903,"url":"https:\/\/www.oilnewskenya.com\/index.php\/djibouti-kengen-clinches-multi-well-geothermal-drilling-programme-contract\/","url_meta":{"origin":8281,"position":5},"title":"DJIBOUTI: KenGen Clinches Multi-well Geothermal drilling Programme Contract","author":"","date":"February 15, 2021","format":false,"excerpt":"Kenya Electricity Generating Company (KenGen) PLC has won yet another international contract to drill three geothermal wells in Djibouti. 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