Funding Secured for Kenyan Geothermal Project

[] The European Investment Bank (EIB) will provide support for the extension of the Olkaria II geothermal power plant from resources of the Investment Facility. A financing agreement, under which the EIB will lend EUR 32.5 million to Kenya Electricity Generating Company, was signed today. The extension of the Olkaria II power generation plant, located in the Rift Valley near Naivasha Kenya, consists of the drilling of additional wells, together with the extension of the existing substation and switchyard, and the installation of a 35 MW steam turbine in addition to the existing 70 MW generation capacities. The Olkaria II extension project has become possible because of the availability of greater underground steam resources than initially expected. It is part of Kenya’s Energy Sector Recovery Project, a comprehensive recovery program for enhancing the power sector’s efficiency and long-term viability, designed with support from the World Bank. The loan facility for the Olkaria II extension project will be made available directly to KenGen alongside a contribution from the World Bank (IDA) who will be lending via the Government of Kenya.
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