GDC signs $14.5m GRMF grant agreement for Baringo-Silali geothermal project
Kenya's Geothermal Development Company (GDC) has secured and signed a grant agreement for funding of KSh 1.6 billion for drilling and testing program at Paka element of Baringo-Silali geothermal project in Kenya.
Geothermal Development Company (GDC) Managing Director & CEO Eng. Jared O. Othieno recently signed a Geothermal Risk Mitigation Fund (GRMF) grant worth a total of Ksh.1.6 bn (around USD 14.5 million) for the implementation of the drilling and testing program and infrastructural upgrade at the Paka Project in the Baringo-Silali Geothermal Project.
The contract was made between the African Union, represented by the African Union Commission who is the Contracting Authority, and the National Treasury of the Republic of Kenya, who is the Recipient.
GDC, being the beneficiary of the grant, is expected to implement the contract whose main purpose is the implementation of a Drilling and Testing Programme and Infrastructure Upgrade Programme in Kenya at the Project Site Paka.
The Baringo-Silali Project is a Government of Kenya with an estimated potential of 3,000MW covering three prospect areas namely Paka, Korosi, and Silali.
GDC has been undertaking geothermal exploration drilling at the Paka Prospect in the Baringo-Silali Geothermal Project and is now anticipating the commencement of explorations at the Korosi Prospect, the other prospect within the project.
In attendance during the signing were General Manager, Strategy Research and Innovation, Dr. George Muia, and Ag. General Manager Legal Affairs & Company Secretary/Manager Board Secretarial Services and Insurance Ms. Agnes Muthengi.
Source: Company release