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Reykjavik Geothermal has signed a financing agreement with the African Union Commission for a $1.3m grant from the Geothermal Risk Mitigation Facility (GRMF) to conduct surface studies at the Tulu Moye geothermal prospect. Tulu Moye covers a total area of around 200km2 with a core target area of 100km2 centred on the Tulu Moye volcano, 100km south of Addis Ababa. It is one of three prospects for which the company holds exploration licences in Ethiopia, along with Corbetti and Abaya, and will be developed as an independent power producer project.