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New Energy World Network: Connecting Investors, Innovators & Deal-Makers worldwide
The African Development Bank (AfDB) and Kenya’s state-owned Geothermal Development Company (GDC) have launched the Menengai geothermal project.
It is the first development managed exclusively by GDC and is designed to power 500,000 homes, 300,000 small businesses and displace two million tonnes of carbon dioxide.
The project is located on the Rift Valley and it is hoped the development will catalyse outside investment into Kenya’s energy market, helping the country to meet its expanding power demand, as well as transforming clean energy competition.
Last December, the AfDB approved a $125m loan and $25m grant to support the construction of the facility.
Gabriel Negatu, AfDB regional director for East Africa, said, ‘Kenya has been sitting on this amazing natural resource and today, at long last, the ingredients for tapping into it seem to be coming together.’
Silas Simiyu, CEO of GDC, added, ‘We are happy that the bank found it fit to provide the necessary finances. The loans will be critical in affording Kenya an opportunity toward energy sustainability and independence.’
Copyright © 2012 NewNet
Tags: AfDB, GDC, geothermal, geothermal power
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