Djibouti to invest heavily in geothermal power for the sake of economic stability and energy independence
Djibouti, a small nation on the eastern coast of Africa, has announced ambitious plans concerning clean energy. Like other African countries, Djibouti has taken a strong interest in clean power because of the economic stability is represents. While clean technologies also represent an expensive investment, renewable energy has the potential to help countries save a significant amount of money in terms of energy costs. Through the adoption of renewable energy, countries are able to produce the electrical power they need domestically, rather than rely on foreign sources of oil and coal.
$31 million in investments being made for geothermal power projects
Government officials have announced that they will be investing some $31 million into geothermal energy projects throughout the country. This initiative is meant to make Djibouti more energy independent and reduce its reliance on neighboring Ethiopia. Djibouti has a population that is less than one million people and the entire country’s peak energy demand stands at 70 megawatts of electricity. Currently, as much as 65% of the nation’s power comes from energy systems in Ethiopia.
50MW project set to begin development in 2015
The initiative underway in Djibouti has received financial backing from numerous organizations, including the African Development Bank. The country will begin developing new geothermal energy projects in 2015. The first project that will receive Djibouti’s focus is estimated to have a total energy capacity of 50 megawatts. This capacity will be doubled as the second phase of this project is completed sometime in 2016.
Geothermal power could help Djibouti find economic prosperity in the near future
Some of the projects that will receive backing in Djibouti are being managed by the Reykjavik Energy Invest of Iceland. The company has garnered acclaim in Iceland for its involvement in the geothermal sector and has helped develop the world’s first magma-powered geothermal energy system. Djibouti officials believe that geothermal power will reduce the country’s reliance on fossil-fuels, providing the country with more economic stability and creating new jobs for the people that need them.