GDC receives $19m grant for Baringo-Silali geothermal project
The grant is expected to accelerate the development of the Baringo-Silali project after GDC had already the first productive well
The Geothermal Development Company (GDC) has received a grant of Sh1.9 billion ($19 million) by the Geothermal Risk Mitigation Facility for exploration in the Baringo-Silalo geothermal project in Kenya.
The GRMF is a funding program managed by the African Union Commission which aims to accelerate geothermal development in East Africa, particularly the countries within the Rift Valley.
The Baringo-Silali project is estimated to have a capacity of up to 3000 MW.
“The award of the funds is a strong demonstration of confidence in GDC and also in geothermal as the energy of the now and the future,” according to GDC Managing Director Johnson Ole Nchoe.
GDC has already drilled their first successful well in Baringo-Silali back in August. Drilling operations continue to this day.
The grant reinforces support for Kenya’s geothermal sector, which is considered a central element to the government’s various development projects, including Big Four and Vision 2030. The grant will be reimbursable to GDC according to output, thus GDC will be refunded for their expenses whenever they complete a well.
Source: Standard Digital