The two agreements which were signed at the World Energy Summit. The agreement is on a financing structure for the Djibouti Asal Rift Geothermal Project. Th geothermal plant which REI will build will start to produce power in 2012 and replace its current diesel power generation.
According to Gudmundur Thoroddsson, REI's President and CEO:
“REI is currently taking important steps towards significant investments in Djibouti. The signing of this agreement brings us one step closer to supplying green energy to Djibouti. We are pleased with the excellent relationship that we have had with HE Mohamed Ali Mohamed and the government of Djibouti, and with the professionalism of the energy authorities in the area.”
This agreement and project are part of a large initiative of $150 million USD of investments in geothermal energy that Bill Clinton and President Grimson of Iceland announced in 2007 at the Clinton Global Initiative.
For additional information:
http://www.rei.is/PressReleases/080124AgreementsatWorldEnergySummit/
