Kenya secured $468m in financing for geothermal energy projects in 2018

Kenya secured $468m in financing for geothermal energy projects in 2018 Construction of Olkaria V geothermal power plant, Kenya Oct. 2018 (source: LinkedIn/ Roberto Razo)
Alexander Richter 20 Sep 2019

A new report on global renewable energy financing reports that Kenya was able to mobilize financing of $1.4 billion, with the largest share of that number having been provided for geothermal energy development, or $486million. Of that $366m will be used to build the 83 MW Olkaria I Unit 6 geothermal plant.

Last year, Kenya has successfully mobilized a record investment of $ 1.4 billion in renewable energy project development. In doing so, it ranks third in terms of renewable energy financing in Africa and the Middle East, according to data from the United Nations Environment Program, behind South Africa ($ 4.1 billion) and Morocco ($ 3.1 billion).

“Kenya has invested $ 1.4 billion in 2018, a record that has never been reached in its history. These funds went up to $486 million for geothermal, $476 million for wind and $467 million for solar, “ said UNEP in its document. Of this amount, $366 million went to the Olkaria I Geothermal Plant Unit 6 (83 MW) project. $333 million was used for the development of the Kipeto wind farm (100 MW).

As of December 2018, the Kenyan energy mix consisted of only 9.6% of coal plants. Geothermal energy was the dominant source of electricity, accounting for 44.6% of national production

Source: Agence ecofin