Globeleq has signed an engineering, procurement, and construction (EPC) contract as well as a long-term service agreement (LTSA) with Toyota Tsusho Corporation (TTC) for the 35 MW Menengai geothermal project in Nakuru County, Kenya.
The US$108 million project will be the company's first geothermal plant. Globeleq already inked financing agreements with the African Development Bank, the Eastern and Southern African Trade & Development Bank, and Finnfund in December 2022.
Kenya and UK agreed to expedite KES500 billion (US$3.9 billion) worth of green investment projects, including the Menengai project. After the financial closing, construction will commence in Q1 of 2023. Globeleq will manage the power plant once it starts commercial operations in 2025. Fuji Electric will supply the steam turbine and generator.
