Geothermal Development Co. needs $2.5 billion for 12 drilling rigs by 2030
Geothermal Development Company (GDC) needs around US$2.5 billion to buy 12 drilling rigs to be able drilling 600 wells by 2030 to meet the increasing electricity demand in Kenya.
Reported from Kenya, the “Geothermal Development Company (GDC) needs Sh215 billion ($ 2.5 billion) to buy 12 drilling rigs to meet the country’s growing electricity demand by the year 2030.
The provision of adequate, reliable and affordable energy is a key driver of Vision 2030 which aims at transforming Kenya into a medium income economy in the next 20 years.
According to GDC managing director Silas Simiyu, the rigs will be used to drill 600 wells.
Dr Simiyu was speaking at Menengai Geothermal Project in Nakuru last Friday during the unveiling of a Sh6 billion (US$66.8 million) credit finance agreement with the French Development Bank (AfD).
The grant will be used to purchase two rigs for the first phase of the multi-billion Menengai Geothermal project as well as training of GDC drilling staff.
The Menengai Geothermal field has a capacity to produce 1,600MW.
According to the country’s economic blueprint, electricity requirement is set to increase to 15,000MW in the next two decades and GDC will contribute 5,000MW from geothermal sources.
The first phase of the Sh70 billion ($818 million) Menengai project is expected to produce 400MW by the end of 2015 and ease power shortage in the country as the country warms up to the realisation of Vision 2030.
“With this grant from AfD I believe that the realisation of the 400MW in the first phase of the Menengai Project will come sooner than later,” said Dr Simiyu.”
Source: Business Daily Africa