June 11 (Renewables Now) - Quantum Power East Africa GT Menengai Ltd will obtain USD 49.5 million (EUR 42.1m) in debt from the African Development Bank (AfDB) to build a 35-MW geothermal plant in Kenya.
Extension of the financing was approved last week, the lender said on Friday. The funding package will consist of a senior loan of USD 29.5 million and a USD-20-million concessional loan, to be provided under the Clean Technology Fund (CTF) programme of the Climate Investment Funds (CIF).
The 35-MW geothermal plant will be the first of three that will be installed at the Menengai field in Nakuru County. Its construction was initiated in January 2018.
Quantum is one of the three companies, together with Sosian Menengai Geothermal Power Ltd and Orpower 22 Ltd, that have been licensed by state-owned Geothermal Development Company (GDC) to build the three geothermal plants at Menengai. The combined capacity of the facilities will be 105 MW.
According to AfDB, the geothermal potential of Kenya is estimated at almost 7,000 MW, while only about 200 MW is currently being developed.
(USD 1.0 = EUR 0.850)