Business

US to provide $300m funding for Kenya Geothermal project

Kenya is set to receive US $300m from Cyrq Energy, an American company specializing in renewable energy production, for the construction 330 MW geothermal power plant in Suswa, Narok County, in south-western Kenya.

Nicholas Goodman, President and CEO of Cyrq Energy, confirmed the reports and said that a feasibility study has already been carried out on the site and regulatory approval request has been sent to the competent authorities.

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“The first phase of the project will be financed internally, with a mix of equity and debt, while long-term debt will be guaranteed for the other phases of the project,” said Nicholas Goodman

The CEO further added that the company plans to start producing 75 MW within two years of the Kenyan authorities’ approval. The overall project is set to take an average of 3 to 4 years before completion after which electricity is first sold to the utility firm -Kenya Power under a long-term 25-year power purchase agreement.

Mr. Nicholas Goodman and independent experts from the company assessed the geothermal resources available through a drilling programme and a study ranging from preliminary design to installation of the power plant, planned before the beginning of the project

Upon completion, the project is expected to further boost Kenya’s capacity which already ranks as the leading geothermal energy producer in Africa.

SOURCE:Constructionreview

 

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