EIB to finance 70-MW expansion of Kenyan geothermal plant

The European Investment Bank (EIB) has signed a letter of intent (LoI) for the financing of an expansion project at the existing 45-MW Olkaria I geothermal plant in Kenya.

The pact concerns the provision of funds, totalling EUR 113 million (USD 123m), for the addition of a 70-MW turbine at the existing facility and the construction of the required wells, steam gathering system and interconnection facilities.

The LoI was signed during an official visit to Kenya. At a press conference In Nairobi, the bank also announced the “Last Mile Connectivity” project, which it will support with a EUR-60-million loan.

“Thanks to today’s signature over 300,000 Kenyan households – up to 1,5 million people - will soon be connected to the electricity grid, a basic condition for further economic growth,” said Pim van Ballekom, EIB vice president responsible for operations in East Africa, referring to the connectivity project.

As part of a three-day programme, the EIB will also visit the site of the 310-MW Lake Turkana wind farm, which it helped finance in 2014. All of the plant’s 365 turbines are already installed, Denmark’s Vestas (CPH:VWS) announced earlier this month.

(EUR 1.0 = USD 1.085)

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