GDC and Kenya Power seeking support on guarantees for IPP geothermal development
Geothermal Development Company (GDC) and Kenya Power seeking support for guarantees for the financing of geothermal development by three private IPP projects at Menengai, Kenya.
Reported from Kenya last week, the country’s Geothermal Development Company (GDC) and Kenya Power have entered into discussions with banks to bankroll the development of private sector development at the Menengai geothermal field that have been delayed for quite some time.
The development of a total of 105 MW, 35 MW for each developer, has been delayed first based on the lack of sufficient steam and other challenges.
Now GDC and Kenya Power seeking support to receive letters of credit which will be guaranteed by the African Development Bank, helping the IPPs to bankroll the projects and hopefully get the projects moving.
Source: Kenya CitizenTV