Investors sought for Akiira geothermal project, Kenya
Akiira geothermal project site, Naivasha/ Kenya (source: Akiira One)
Carlo Cariaga
2 May 2022
Akiira Geothermal is seeking investors to provide capital for the potential 70-MW geothermal power project in Naivasha, Kenya.
The Centum Investment Company is seeking investors to raise capital for the Akiira geothermal project located in the Akiira Valley in Naivasha, Kenya. Centum is developing the project through their renewable energy company Akiira Geothermal. The estimated total cost for the project is Sh 39 billion (approx. USD 335 million).
The Akiira Geothermal Project has had a long history, initially facing challenges in social acceptance and the drilling of two wells that did not reach the expected production capacity. After these two initial wells, Akiira Geothermal employed the services of KenGen to conduct a geoscientific study in the area.
“The geoscientific studies conducted by KenGen showed that the Akiira field has good prospects for producing the planned 70 MW of output for the first phase of the project,” said Centum Capital Managing Director Fred Murimi.
“Akiira is currently in discussions with potential strategic and financing partners to enable it to complete the geothermal exploration phase necessary to reach financial close with lenders and then draw down on debt funding to complete the project.” Murimi added. Murimi further explained that the exploratory drilling program is expected to last between 12 to 18 months.
Source: Business Daily Africa
