Globeleq has started the construction of its 35 MW Menengai geothermal power plant project located in Nakuru County, Kenya with its project partner Geothermal Development Company (GDC).
The project is a greenfield facility with a total investment of US$108 million. Globeleq has signed a financing agreement with the African Development Bank (AfDB), the Eastern and Southern African Trade and Development Bank (TDB), and Finnfund for a US$72 million debt funding for the project.
The project is expected to be operational in 2025. Once operational, electricity will be sold to Kenya Power, the national distribution business, under a power purchase agreement (PPA) for the same period of time.
Country updates
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March 17, 2023
Climate Finance Partnership acquires stake in 310 MW Onshore wind farm in Kenya
Climate Finance Partnership, a fund managed by BlackRock Alternatives, has completed the acquisition of a 31.25% stake in 310 MW Lake Turkana Wind Power Project located in Kenya.
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February 10, 2023
Globeleq selects EPC for 35 MW geothermal project in Nakuru County
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...
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December 22, 2022
Gridworks to invest in Virunga Power
Gridworks has announced that it will invest US$50 million in Kenyan renewable energy firm Virunga Power. Virunga Power, an African rural electric company that develops, invests in, and runs distribut...
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December 16, 2022
Globeleq signs financing agreement for 35 MW geothermal project in Nakuru County
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 geo...
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November 22, 2022
KTPC launches tender for two solar projects in Kenya
KTDA Power Company Limited (KPTC), on behalf of Highlands Power Generation Company, invites tenders from eligible bidders for the design, financing, construction, and operation and maintenance of Sola...
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