Adam Beech
Digital Staff Writer
Midlands Deals
A Queen’s Award-winning onshore deep drilling specialist based in Chesterfield has received a seven-figure loan to help finance its work on two green power stations in Ethiopia.
The Marriott Drilling Group has raised the funding from NPIF – Mercia Debt Finance, which is managed by Mercia and is part of the Northern Powerhouse Investment Fund (NPIF).
The projects at Tulu Moye and Hawassa will run off geothermal energy harnessed by drilling deep into the volcanic rocks below.
Marriott has already invested in two new rigs that are currently being shipped to Ethiopia. The funding will provide working capital to support the ongoing operations, which will last for four years and require up to 160 technical staff between the two sites at any one time.
David Jones, financial controller at Marriott Group, said: “The projects at Tulu Moye and Hawassa will be critical in rolling out renewable energy to meet Ethiopia’s growing power needs and we are delighted to be playing our part.
“However large-scale contracts like these require us to have the right finance in place. The funding from NPIF – Mercia Debt Finance will provide additional capital to support the day-to-day operations on site.”
Andy Tyas of Mercia added: “Growing interest in geothermal power is opening up new opportunities for the Marriott Group.
“It is great to be able to support its work on these projects, which will enable it to continue to build its international reputation while supporting sustainable development in Ethiopia.”