AfDB will lend KShs 4.03 billion to Quantum Power. Quantum Power is a Mauritian Construction firm that is tasked to construct the power plant. Quantum Power is on of the three Independent Power Providers that have been contracted by Geothermal Development Company to construct the 105-MW Menengai Geothermal power plant.
It become the first Independent Power Provider to start developing its plant at an estimated cost of KShs 8 billion. The project has been stagnant since 2014 over lack of funding. With this money, construction will begin next month with a projected completion in one and half years.
I look forward to the IPPs actually starting so that we can begin to see a lot of changes in the lives of the people around,” AfDB President, Akinwumi Adesina said when he toured the plant on Saturday. Adesina who was accompanied by Treasury Secretary Henry Rotich and his Energy counterpart, Charles Keter also lauded the government for ensuring Kenyan personnel develop the plant, which is the biggest geothermal project in Africa.
A local company, Sosian Energy and American-Ormat Technologies are the other IPPs. They are yet to sign deals with financial partners since they were awarded rights by the government four years ago under the public-private partnership model.
Sosian Energy signed a deal with Korea Western Power for a quarter a century Operations and Maintenance program for its 35 MW geothermal plant.