US$300mn risk cover secured for construction of a geothermal power plant in Kenya

The consoritum that is working on construction of a geothermal power plant in Kenya has secured a has secured a risk cover from a German reinsurer, Munich Re worth US$ 300mn that will eventually pave way for the funding of the well drilling.

The risk cover is meant to compensate investors in the Akiira One project in case the eight geothermal wells being drilled in the Olkaria do not produce enough power.
Centum Investments is in a consortium that is developing the mega construction of a geothermal power plant in Kenya expected to produce 140 megawatts by December 2018. They are supposed to contribute to 30% of the funding.
Centum also plans to construct a 1,050 megawatt coal-fired power plant in Lamu County.
The Olkaria III Geothermal Power Station, also known as the Olkaria III Geothermal Power Plant is the largest geothermal power plant in Kenya, having an installed electric capacity of 110 MW. The facility is located in Hell’s Gate National Park, along with its sister stations, Olkaria I and Olkaria II. This location lies in Olkaria, in Nakuru County, on the eastern edge of the Eastern Rift Valley, approximately 33 kilometres (21 mi), by road, southwest of Naivasha, the nearest large town. Olkaria lies approximately 120 kilometres (75 mi), by road, northwest of Nairobi, the capital of Kenya and the largest city in that country.
Munich Re Group is a reinsurance company based in Munich, Germany. It is one of the world’s leading reinsurers.

Posted on : 30 Nov,-0001

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