Insurance coverage for 8 geothermal wells to be drilled in Kenya
The Akiira Geothermal project is a 140 MW geothermal power project developed in two phases of 70 MW utilizing the steam resources in the Kenyan Rift Valley.
Local Kenyan news detail that thanks to the recent announcement last month that MunichRE would provide insurance for the drilling of geothermal wells for the Akiira One geothermal project, soon more investment will follow.
According to the aforementioned source, the German reinsurer said “the risk cover is meant to compensate investors in the Akiira One project in case the eight geothermal wells being drilled in the Olkaria, Nakuru County, do not produce enough power.”
The Akiira Geothermal project is a 140 MW geothermal power project developed in two phases of 70 MW utilizing the steam resources in the Kenyan Rift Valley. The project is located south west of Naivasha, Kenya. The project will be connected to the Kenyan national grid. Centum Investments is in a consortium that is developing the $300 million (Sh30 billion) geothermal power project expected to produce 140 megawatts by December 2018.
The Centum consortium is expected to contribute 30 per cent of the funding and the rest will come from a loan from the Standard Bank in Kenya.
Source: Business Daily Africa