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Globeleq has signed a US$72 million in debt financing with African Development Bank (AfDB), Finnfund, and the Eastern and Southern African Trade & Development Bank (TDB) for the 35 MW Menengai geothermal project in Nakuru County, Kenya.
Globeleq provides expertise in equity, project development, and construction management.
Menengai is a greenfield geothermal project and part of the larger Menengai complex's first phase. Construction is anticipated to begin in Q1 of 2023, once financial close has been reached. Once it begins commercial operations in 2025, Globeleq will run and maintain the power plant.
