Partial AfDB risk guarantees for Menengai geothermal projects initialized
The African Development Bank (AfDB) has initialized partial risk guarantees for the geothermal power projects of GDC at Menengai, Kenya.
Kenya’s Geothermal Development Company (GDC) has attended the initializing of the African Development Bank (AfDB), Partial Risk Guarantee (PRG) at the AfDB offices, on 9 December 2019, as reported on the GDC website.
In his remarks, GDC Managing Director/CEO Eng. Johnson P. Ole Nchoe, acknowledged AfDB’s partnership with GDC. The Bank has been a significant GDC financier as it is through its financing that the Company has made substantial steps in the Menengai Geothermal Project. AfDB has supported GDC ever since the resource was discovered in Menengai.
The Partial Risk Guarantee (PRG) has propelled the project to reality. “With the PRG, we can now come to a financial close; the Independent Power producers can now access funds and site work can begin”, said Eng. Ole Nchoe
Barclays Bank of Kenya and Kenya Power and Lighting Company were also present. The two stakeholders have played significant roles leading to the success of the PRG.