IFC joins REI for development in Djibouti

IFC InfraVentures, a member of the World Bank Group, has joined Reykjavik Energy Invest (REI) in an exploration and subsequent development of geothermal resources in Djibouti, near Lake Assal in Africa.

IFC will fund feasibility studies and provide early-stage risk capital. IFC's investment amounts to 35% of the exploration costs of the project. The contribution is capped at $4m.

REI is the investment arm of Reykjavik Energy, a supplier of geothermal water for domestic heating in Iceland and developer of new steam fields for power production. The Djibouti project is expected to contribute to the development of commerce in the region by securing an energy supply. Additionally, the project allows for a reduction of carbon emissions compared with diesel-generated power.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Industry
• Nordics