PIDG and Taranis join forces to deliver Ethiopia’sCorbetti Geothermal project
18th June 2026
Cape Town, South Africa: The Private Infrastructure Development Group (PIDG) has today announced the signature by Taranis Operations Ltd (Taranis) of a convertible loan agreement into the Corbetti Geothermal project, a first step of a more extensive partnership including the prospective investment of USD 27 million equity into the Corbetti Geothermal project. The project is located in Ethiopia’s Corbetti Caldera, 250km from Addis Ababa. The companies made the announcement at the Africa Energy Forum in Cape Town.
PIDG has been committed to the Corbetti Geothermal project – through its project development solution, InfraCo – since 2015. The funding by Taranis marks an important milestone in developing Corbetti, one of the very first geothermal projects in Africa to be developed by private capital. Once exploration drilling is complete, the first phase of the project will consist of production wells and a steam field for a 50MW power plant. A second phase is expected to develop an additional 100MW, contributing to Ethiopia’s renewable energy targets.
PIDG Head of Business Development (Africa) for InfraCo, Omar Jabri, said, “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.”
Taranis CEO, Emmanuel Colombel, said, “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.”
Notes to Editor
Ethiopia is well-positioned to achieve carbon-neutral growth. Over 95 per cent of the country’s electricity comes from hydropower.[i] However, hydropower generation is vulnerable to variations in rainfall patterns due to climate change. Geothermal has potential to deliver a new source of baseload, renewable energy to Ethiopia’s energy mix.
The Private Infrastructure Development Group (PIDG) is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and southeast Asia. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs). PIDG delivers its ambition in line with its values of pioneering, partnership, safety, inclusivity, and urgency. PIDG offers technical assistance for upstream, early-stage activities and concessional capital; invests in early-stage project development and project and corporate equity through its project development solution, InfraCo; its debt solution EAAIF (the Emerging Africa & Asia Infrastructure Fund) is one of the first and more successful blended debt funds in low-income markets; and its guarantees solution, GuarantCo, provides credit enhancement and local currency solutions to de-risk projects. PIDG also supports a growing portfolio of local credit enhancement facilities, which unlock domestic institutional capital for infrastructure financing. Since 2002, PIDG has supported 286 infrastructure projects to financial close, which provided 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 and Sweden, and Global Affairs Canada. www.pidg.org
Taranis
Born from the vision of its Chairman, François Perrodo, Taranis (part of an industrial Group) is an impact-investment vehicle, active in the fields of sustainable energy, carbon management and nature-based solutions. Building on its industrial heritage, Taranis, unlike traditional investment funds, adopts the position of an active operator envisioning a long-term, high-impact strategy where people and innovation are at the centre of each impactful initiative. Through its Energy for Africa vertical, Taranis has an objective to install 1 GW by 2030 across the African continent, increasing access to sustainable energy. To learn more, visit www.taranis.eu
For more information contact:
Lorna McNae
Senior Communications Manager
Private Infrastructure Development Group