Friday, April 8, 2016

Kenya: More Loans to Finance Geothermal Energy Development

Kenya to tap into Rift Valley geothermal resources and strengthen private sector investment in renewable energy (News Release)

With African Development Bank (AfDB) support, Kenya has received approval from the Climate Investment Funds' Clean Technology Fund (CIF-CTF) for a US $29.65-million concessional loan to co-finance up to two geothermal projects to increase the country's power capacity, particularly drawing on untapped geothermal resources in the Rift Valley. The Concessional Finance Program for Geothermal Generation will build on the energy advancements already underway in the successful development of the country's showcase Menengai Geothermal Field.

The CTF funds will create a concessional lending program designed to ensure the projects' financial viability and commercial bankability by shoring up conventional financing and breaking down barriers to private investment. The program will support up to two geothermal generation projects structured as Independent Power Producers (IPPs), and will be implemented with AfDB support.

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