- The Kenyan government in the form of its Treasury has provided risk cover to Globeleq for the 35MW geothermal power project currently under construction in the Menengai geothermal field.
- The project has been led by Globeleq’s subsidiary Globeleq Geothermal Kenya Limited as a majority stakeholder in Quantum Power East Africa (QPEA).
Fuji Electric Co., Ltd. has been awarded a contract for a supply of geothermal power facility by Toyota Tsusho Corporation, which entered an EPC contract with QPEA. Read more
The letter of support granted to Globeleq offsets private investor and the investor’s lenders from certain elements of country and political risk. This helps a firm to secure funding and gives a major boost to the security of the project. The project is now set to reach full financial close.
“We see that the current government is unlocking the barriers that were there,” commented Geothermal Development Company (GDC) Managing Director Paul Ngugi.
Author: Bryan Groenendaal