The company signed a deal for the development of the geothermal plant on an imploded volcano in the Ethiopian Rift Valley in October last year through its local entity, Corbetti Geothermal Power.

 “We think we have a project that can have a return on equity that is acceptable by the investors,” said Chief Operating Officer Gunnar Orn Gunnarsson in an interview with Bloomberg in March.

He said the company expects to bring aboard at least four other partners under an agreement that would help mobilize between $40 million to $80 million to help cover drilling of at least five wells capable of producing 20 MW.

Reykjavik plans to construction a 1,000-MW plant in two phases, with the first phase of 500 MW expected over the next five years and another 500 MW in eight years.

Production drilling and construction of the first phase of installation (500 MW) is expected after financial close in the first quarter of 2015; full commissioning is expected by the end of 2018.

The U.S. is supporting the project as part of the $7-billion Africa Power initiative, which targets increased electricity access in at least six African countries.