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Kenya: €155 million loan for Naivasha geothermal project

The European Investment Bank has offered a Sh19.5 billion loan to a firm partly owned by Centum Investments for generating geothermal electricity.

The EIB on Tuesday said that the €155 million (Sh19.5 billion) financing package to Akiira Geothermal Ltd will be finalised soon.

The power project is based in Akiira Valley in Naivasha and will have a capacity of 70 megawatts upon completion.

The electricity will cost Sh9.5 per unit (9.23 US cents) under a power purchase agreement signed in August 2015 with electricity distributor Kenya Power. The project is being financed through a mix of debt (70 per cent) and equity (30 per cent), according to the executives.

Read more at Business Daily (Neville Otuki)