EIB Considers Funding 70 MW Unit for Kenyan Geothermal

The European Investment Bank is considering to finance an extension to a geothermal plant in southwestern Kenya, lending 72 million euros ($78 million).

The Luxembourg-based development bank said the Olkaria I power station in Kenya is under appraisal in a release on its website. The unit was first built in 1981 and is Africa’s first geothermal power plant, according to the Kenya Electricity Generating Co Ltd. who owns and operates it.

The extension would raise its capacity from 140 MW to 210 MW. The total cost of the project is estimated to be 288 million euros.

©2016 Bloomberg News

Lead image: Olkaria geothermal plant, Kenya. Credit: Shutterstock.

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