KenGen seeking $475m for drilling 209 wells for the next 4 years
KenGen Olkaria II plant, Kenya (source: constructionkenya.com)
Alexander Richter
15 Mar 2012
Kenyan power utility KenGen is looking to raise $475 million for its ambitious drilling program. The plan is to drill 209 wells until 2016 to fuel its ambitious 585 MW development program.
Reported late last month, Kenya Electricity Generation (KenGen) is looking to raise “concessionary funding” for $475 million. The money will be needed to push for the ambitious geothermal drilling program for the country.
The company plans to drill 168 wells this and the next two years until the end of 2014 and 41 wells for the years 2015 and 2016.
KenGen bought seven drilling rigs to help it reach its targets. There are though currently discussions about pending drilling contracts with Chinese drilling company Great Wall Drilling.
Source: Businessweek
