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Alternative Energy

Reykjavik's Geothermal Investments Hold Great Promise For East African Republic

Two agreements between Iceland and the Republic of Djibouti can help the East African country replace its current diesel-generated electricity with green electricity. The agreements were announced at the World Energy Summit held in Abu Dhabi.

First, Iceland's Minister of Industry HE Ossur Skarphedinsson and HE Mohamed Ali Mohamed signed an agreement on energy cooperation where the countries will share expertise to support Djibouti's course towards energy sustainability.

Second, the CEO of Reykjavik Energy Invest (REI) Mr. Gudmundur Thoroddson, Djibouti's Minister of Energy HE Mohamed Ali Mohamed, and the CEO of the Djibouti Energy Company Mr Djama Ali Guelleh announced the signing of an agreement on the financing structure for the Djibouti Asal Rift Geothermal Project. As part of the Asal Project, REI intends to build a geothermal power plant, which is estimated to start production in 2012. The plant will supply Djibouti with green electricity, replacing its current diesel-generated electricity.

REI's projects in Djibouti are part of the company's US$150 million commitment to investments in geothermal energy in Africa announced by Bill Clinton and President Grimson at the Clinton Global Initiative in New York in 2007.

In an address at the World Energy Summit, the President of Iceland, HE Olafur Ragnar Grimsson, discussed the global impact of climate change and how geothermal energy can be one of the solutions to global warming. The President also discussed how Reykjavik Energy Invest's projects in the Republic of Djibouti will transform the country's energy sources from fossil fuels to sustainable energy.

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