Investors sought for the Akiira geothermal project, Kenya
Akiira Geothermal is seeking investors to provide capital for the potential 70 MW geothermal power project in Naivasha, Kenya.
The Centum Investment Company is seeking investors to raise capital for the Akiira Geothermal Project located in the Akiira Valley in Naivasha, Kenya. Centum is developing the project through its renewable energy company Akiira geothermal energy. The total estimated cost of the project is 39 billion Sh (about 335 million USD).
The Akiira geothermal project has a long history, initially facing challenges of social acceptance and the drilling of two wells that failed to reach planned production capacity. After these two initial wells, Akiira Geothermal engaged the services of KenGen to conduct a geoscientific study in the area.
“Geoscientific studies conducted by KenGen have shown that the Akiira field has good prospects for producing the 70 MW planned for the first phase of the project,” said Fred Murimi, managing director of Centum Capital.
“Akiira is currently in discussions with potential strategic and financial partners to enable it to complete the geothermal exploration phase necessary to reach financial close with lenders and then tap into debt financing to complete the project.” Murimi added. Murimi further explained that the exploratory drilling program is expected to last between 12 and 18 months.
Source: Business Daily Africa