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AFDB, TDB, and Finnfund Raise $117 Million in Kenya for Menengai Geothermal Energy

British independent power producer (IPP) Globeleq has finished the funding of its Menengai geothermal power plant in western Kenya. Somewhere around three development banks have provided $117 million.

The project, created by the British company Globeleq, has arrived at monetary close, despite the fact that work on the site was launched couple of months prior. Three development banks are contributing $117 million. They are the African Development Bank (AfDB), which is the mandated lead arranger, Trade and Development Bank of Eastern and Southern Africa (TDB) and the Finnish Fund for Industrial Cooperation (Finnfund).
The financial close of the project "follows COP28, a worldwide social gathering at which 118 nations pledged to significantly increase renewable energy capacity by 2030, including Kenya where the principal African Climate Summit was hosted last September", says TDB.
The Menengai geothermal power station is being worked by the Japanese organization Toyota Tsusho Enterprise, which has enrolled the administrations of its compatriot Fuji Electric to introduce the turbine and electrical generator. Globeleq, which will work and keep up with the plant whenever it is dispatched in 2025, will buy the steam from the Kenyan state-possessed Geothermal Development Company (GDC), which has previously drilled several production wells on the Menengai site.
Globeleq will take care of the electricity produced into Kenya's national grid under a Power Purchase Arrangement (PPA) negotiated with state-owned Kenya Power. Menengai I is one of a progression of three geothermal power plants that GDC plans to expand on the site, which is situated in Nakuru County in western Kenya.
Source : www.blacknz.com
Posted On: 1/19/2024 12:00:00 AM

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