Wednesday, March 2, 2016

Kenya: 70 MW Akira One Geothermal Project Receives Grant for Drilling

Akiira Geothermal Limited gets Sh138mn for exploration works (Capital FM Kenya)

(Courtesy Akiira Geothermal Limited)
Akiira Geothermal Limited has received a Sh138 million grant from the African Union Commission (AUC) to fund exploratory drilling works it is currently undertaking in Naivasha.

The grant by AUC is part of the Geothermal Risk Mitigation Facility and is aimed at mitigating financial risks that early stage private sector developers bear when drilling in the search of geothermal steam suitable for power production.

The firm commenced exploratory drilling in August 2015 in a bid to construct a 70 MW geothermal power plant to go into operation by December 2018.

Akiira Geothermal Chief Executive Robert Bunyi told Capital FM Business that already two wells have been drilled and a third one will be drilled in April 2016.

Akiira Geothermal is owned by Centum Investments in conjunction with three other non-Kenyan entities that include Ram Energy of the United States, Marine power of the USA and Frontier Investment Management.

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