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GDC seeks $400 million in capital for 300 MW development

GDC seeks $400 million in capital for 300 MW development GDC drilling site at the Menengai crater, Kenya (source: in2eastafrica.net)
Alexander Richter 3 Jan 2014

Kenya's Geothermal Development Company (GDC) is seeking investments of up to $400 million from investors for the development of up to 300 MW geothermal power generation capacity to be built by 2018.

Reported by Reuters today, the Geothermal Development Company (GDC) of Kenya is seeking investment of up to $400 million from investors for the construction of three geothermal power plants.

For the first phase of the project, GDC plans to drill 120 wells. If going according by plan, the company expects the plants with a combined capacity of 300 MW will be operational by 2018. The steam field itself has an estimated potential of 750 MW.

Investors are required to provide 60-80 percent of the overall capital cost for the plants, which are expected to be built within 24-36 months.

GDC clearly states that there would not be risk guarantees provided, but that these might be sought by investors from the World Bank Multilateral Investment Guarantee Agency.

Source: Reuters via BD Live