520 MW Geothermal IPP in Ethiopia

Delphos is currently advising Tulu Moye Geothermal Operations, which is backed by Meridiam Infrastructure Partners and Reykjavik Geothermal, on the development of 520 MW (over $2 billion of project costs) of geothermal power generation at Tulu Moye, Ethiopia. Delphos is leading the financial aspects of project development including raising debt financing of approximately $180 million for the first phase of the project (50 MW) from a DFI club. Delphos also secured a $1.2 million technical assistance grant from USTDA to assist with financial, technical, legal, and environmental project preparation activities and is serving as the prime contractor.



  • Renewables & Power

Client Name

Tulu Moye Geothermal Operations

Services Provided

  • Capital Raising


  • Sub-Saharan Africa


  • Ethiopia