The Menengai project is a greenfield geothermal project and part of the first phase of the wider Menengai complex, which is the second large-scale geothermal field being developed in Kenya after Olkaria.
Construction of the project is expected to commence during the first quarter of 2023 once financial close has been reached. Globeleq will operate and maintain the power plant once it has reached commercial operations in 2025.
Dr. Kevin Kariuki, Vice-President, Power, Energy, Climate and Green Growth at AfDB added: “The Bank is proud to have led the financing of the Menengai project. The project showcases a suite of products that AfDB can bring to support our member countries to harness their geothermal energy potential. The Bank has provided US$29.5 million as senior debt and mobilized US$22.4 million co-financing, having earlier invested US$145 million to develop the Menengai steam field.
Helena Teppana, Associate Director, Finnfund also commented: “This investment is yet another step in Finnfund’s commitment to make €1 billion of new investments in climate finance by 2030. The Menengai geothermal project will provide clean and affordable power to the Kenyan grid and will be a domestic source of energy which can generate base load and will have important social and economic impacts. We are proud to be investing in the power sector in Kenya with our partners.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Does Video Show a Mermaid Found in Kenya?While we have not been able to determine exactly what this video shows, it does not show a mermaid. In all likelihood, it's likely a digitally altered composite featuring genuine footage of a dying fish and digitally added images of a child or doll.
Read more »
NY pols to Biden: Stop taxing our ‘Fighting’ soldiers stationed in KenyaNew York House representatives are urging President Biden to stop taxing soldiers serving in terror-ravaged Kenya — including members of NYC’s famous “Fighting 69th” Infantr…
Read more »
Mary J. Blige’s Blue Butterfly Productions Signs First and Second Look Deals with BETMary J. Blige has entered into an agreement with BET to create unscripted and scripted content through her company, Blue Butterfly Productions. The network will have first looks at Blige’s un…
Read more »
Sneaky Signs Your Kid Craves Connection (& How Not To Blow It)Your child is never going to say, 'I’d love to have a word with you.' But these actions speak as loud as those words.
Read more »
Serenity Shield Signs Extended Partnership with Archethic, Starts Using Public Blockchain and DID SolutionSerenity Shield, platform that addresses crypto inheritance and secure solutions for sensitive data storage, shares details of its recent partnership
Read more »
DeSantis signs bill seeking to stabilize insurance marketRepublican Gov. Ron DeSantis has signed a sweeping property insurance bill
Read more »