PRESS RELEASE

TM GEOTHERMAL OPERATIONS PLC (TMGO) TO SIGN EPC CONTRACT WITH MITSUBISHI CORPORATION & SEPCOIII

Addis Ababa, Ethiopia,29 March 2022: TM Geothermal Operations PLC (TMGO), one of the first Independent Power Producer in Ethiopia, is set to sign its EPC contract on 30 th March 2022 at the Federal Ministry of Mines, Addis Ababa for its 1st phase, 50MW Geothermal Power project, with the Consortium of Mitsubishi Corporation & SEPCOIII Electric Power construction CO., Ltd. As per the contract to be signed on 30 th of March 2022, the contractors will kick off construction of the power plant in September 2022 for starting dispatching electricity to Ethiopian Electricity Power (EEP) in December 2024.

It is to be recalled that TMGO announced international bid for EPC contractors last year in April 2019.Total of seven international EPC contractors were prequalified and responded to TMGO’ s request for proposal. The selected contractor is Consortium of Mitsubishi Corporation & SEPCOIII Electric Power construction CO., Ltd.: Mitsubishi Corporation (MC), a global integrated business enterprise that develops and operates businesses together with its offices and subsidiaries in approximately 90 countries and regions worldwide, as well as a global network of around 1,700 group companies & SEPCOIII Electric Power construction CO., Ltd. a global engineering corporations which specializes in the construction of various types of power plants including CSP, PV, Energy storage etc.

TMGO is a Project Company incorporated by the French investment fund Meridiam and Icelandic Geothermal firm named Reykjavik Geothermal. Established on December 17, 2017, TMGO signed a power purchasing agreement with Ethiopian Electric Power on December 19, 2017, making it one of the first independent power project in Ethiopia.

TMGO’s project brings the preeminent international geothermal scientists to Ethiopia, including from USA, Iceland & Kenya, in a great example of international and African regional cooperation at its best. The vision of the Ethiopian Government leaders to develop their vast geothermal resources, by partnering with international scientific expertise and private sector financing, has become a reality. TMGO is currently drilling its 4 th geothermal well and will continue to work in the coming years with the technical and financial experts in Ethiopia to develop a leading global geothermal industry financed by the most important Development Financial Institution.