The President of Kenya, Dr William Samoei Ruto, inked deals worth more than $4 billion to boost the Kenya Geothermal Sector in the sidelines of the COP28 summit that was held in Dubai recently. The Africa Green Industrialization Initiative (AGII) was launched alongside the COP28 was presided over by President Ruto in which he managed to get these deals. These funds shall be utilized in the development of the geothermal sector infrastructure in Kenya.
The Geothermal Association of Kenya shall be hosting the Kenya Geothermal Congress in Nairobi in July 2024. This will provide a good platform that will be utilized for information and collaboration between the developers of geothermal, manufacturers of equipment, the suppliers, consultancy firms, policymakers, the project funding institutions, and academia.
The development and growth of the Kenyan Geothermal Sector has been quite impressive in the previous years . This handful of deals that were acquired in the sidelines of the COP28 in Dubai will serve to improve and accelerate it to a higher and better level.
Kenya Geothermal Sector Boost Deals Signed
One of the deals that the Kenyan president bagged for the Kenya Geothermal Sector was $1 billion that would be utilized for the development of the Suswa geothermal project. This deal was reached by the Kenyan government from the Indonesian project that is backed by Partamina Geothermal Energy that gets its financial support from the UAE-based firm Masdar. In addition, an $800 million deal was also acquired for the construction of the Paka geothermal project by the UAE-based renewable developer AMEA Power and the Geothermal Development Company.
Other deals that the President inked were inclusive of $110 million that would be utilized for the development of a 35-MW geothermal power plant of Globleq that will be situated in Menengai. The president also bagged a deal $600 million that would be utilized for the development of the Olkaria Data Center followed by geothermal power in partnership with EcoCloud.