Wednesday, October 23, 2019

Kenya: Funding Setback for 70 MW Akiira One Geothermal Project

EIB cancels Sh19.5 billion Centum geothermal loan (Business Daily Africa)

The European Investment Bank (EIB) has cancelled a Sh19.5 billion loan offer to a firm partly owned by Centum Investments over viability and environmental concerns raised by lobbies.

The Centum consortium was expected to contribute Sh11.7 billion or 30% of the project’s cost of Sh39 billion while the rest would be funded through commercial loans.

The EIB Deputy Head of Division Joan Manuel Sterlin Balenciaga, however, said in communique dated October 10: “After careful consideration and due to the fact that the EIB has seen no progress on the Akiira Geothermal expansion project over the past three years, the EIB has formally decided not to pursue the appraisal of the project.”

From the Global Geothermal News archives: