Globeleq secures $117m to finance Kenyan geothermal plant
TLDR
- Successful financial close achieved for USD 117 million financing package for Globeleq's 35MW Menengai geothermal plant in Nakuru, Kenya.
- African Development Bank, Eastern and Southern African Trade & Development Bank, and Finnfund among the lenders.
- Globeleq, a major independent power company in Africa, is contributing equity and expertise to the project.
Financial close has been achieved for a USD 117 million financing package for Globeleq, with the African Development Bank (AfDB) serving as the mandated lead arranger (MLA), alongside the Eastern and Southern African Trade & Development Bank (TDB) and Finnfund.
The funding is allocated for the 35MW Menengai geothermal plant in Nakuru, Kenya. This greenfield geothermal project, which commenced construction earlier this year, is a component of the first phase of the broader Menengai complex, the second-largest geothermal field under development in Kenya.
Globeleq, a prominent independent power company in Africa, is contributing equity as well as providing project development and construction management expertise. The company is owned 70% by British International Investment and 30% by Norfund.
Points clés à retenir
In August, the 35-MW geothermal power plant operated by Sosian Energy in the Menengai geothermal field in Kenya commenced supplying electricity to the national grid. This marked the initiation of the first of three planned power plants for Menengai, with a combined capacity of 105 MW. The construction of the second power plant in Menengai, led by the UK firm Globeleq, officially began in June 2023. With a targeted installed capacity of 35 MW, this power plant is anticipated to commence operations by 2025. The development of these geothermal power plants contributes to Kenya's efforts to diversify its energy sources and increase its renewable energy capacity.
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