Monday, September 10, 2018

Kenya: Akiira Geothermal Ltd Confident of Commercial Operation of 70 MW First Phase in 2022

Brief On Akiira Geothermal Ltd (Centum)

Akiira Geothermal Ltd (AGL) is working towards further drilling in Q4 of 2018 to complete exploratory drilling and achieve target financial close by Q4 2019.

AGL is in advanced stages of organizing the project finance from various lenders and the award process for both the Engineering, Procurement and Construction (EPC) and Operations and Management (O&M) contracts is expected to be finalized with financial close of the project.

It is anticipated that AGL will commence production drilling and power plant construction for the first phase 70 MW in early 2020 and achieve commercial operation in early 2022.

In respect of the second 70 MW phase, it is anticipated that in 2020 AGL will simultaneously start the exploratory studies and drilling aiming to deliver the second phase of project by year 2024.

AGL is jointly owned by Centum Investment Company Plc (via Mvuke Power Ltd) (37.5%), DI Frontier Energy Carbon Fund (37.5%), Marine Power Generation (15%) and RAM Energy Inc. (10%). To date Akiira Geothermal Ltd. has invested USD 31.6m, of which USD 2.3m are grants from Seed Capital Assistance Facility, OPIC and the Geothermal Risk Mitigation Facility (GRMF).

Read More.........

From the Global Geothermal News archives: