Geothermal Development Company plans start of a new exploration campaign in the North Rift later this year. The company plans to start with the Silali project with four new additional drilling rigs that would fast-track the drilling campaign.
To fund its ambitious expansion plans, Kenya Electricity Generating Company (KenGen) is planning to raise up to $350 million until June of 2014, with half of it expected to come from a rights issue and the other half from the Kenyan government.
Announced today from Ethiopia, the Geothermal Risk Mitigation Facility has granted funding of $4.25 million to Kenya's Bogoria-Silali geothermal development in Kenya, and about $1 million for studies at geothermal fields of Dofan and Corbetti in Ethiopia.
The Geothermal Risk Mitigation Facility (GRMF), set up to encourage public and private investment into geothermal development in East Africa, will soon sign several new agreements, following five agreements over a total of $22 million cost share grants issued earlier this year.