The report, which quotes Energy Minister Ahmed Fouad Ay, said the project will be funded by the Global Environment Facility, an independent organization that provides grants to developing countries, as well as the World Bank and the Organization of Petroleum Exporting Countries.
Drilling is expected to be completed by 2013, while the country intends to develop a 56- megawatt geothermal power plant by 2018, Ay told reporter Mohamed Osman Farah during a press briefing in Djibouti City.
The Horn of Africa nation presently relies on oil imports to produce all of its electricity. While the nation’s peak power demand is roughly 75 MW, aging infrastructure and other issues restricts current generation to only 57 MW.
The African Development Bank estimates the nation’s peak demand will likely increase to 138 MW as soon as 2015, and 219 MW by 2035, Bloomberg said.
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