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).
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From the Global Geothermal News archives:
- Tuesday, January 23, 2018 - Kenya: 70 MW Akiira One Geothermal Project to Get European Investment Bank Loan
- Wednesday, September 21, 2016 - Kenya: USTDA to Fund 70 MW Akiira Geothermal Power Project
- Tuesday, April 5, 2016 - Kenya: Akiira Geothermal to Drill Two More Wells Starting in June
- Wednesday, March 2, 2016 - Kenya: 70 MW Akira One Geothermal Project Receives Grant for Drilling