Firm loads more geothermal power onto grid
Geothermal Development Company engineers monitor activities at the Menengai field in Nakuru on November 10, 2014. Ormat Technologies company has added more megawatts of geothermal power to its Olkaria III station located within the complex. PHOTO | SULEIMAN MBATIAH | NATION MEDIA GROUP
What you need to know:
- Prior to the new unit, Ormat operated three plants in Olkaria, set up at a cost of Sh31.6 billion ($310 million) borrowed from the Overseas Private Investment Corporation, the US government’s development finance institution.
Independent power producer Ormat Technologies has added 29 megawatts of geothermal power at its Olkaria electricity station, raising hope for cheaper power.
The New York Stock Exchange-listed company operates the Olkaria III station located within the complex.
The new capacity brings the total output from the firm’s plants to 139 megawatts.
The electricity will be sold to Kenya Power under a 20-year power purchase agreement entered into in October last year.
“With the commissioning of plant 4, the Olkaria III complex will provide clean and reliable electricity to over 250,000 households in Kenya, supporting the government’s vision to increase generation capacity,” said Ormat Chief Executive Officer Isaac Angel.
Prior to the new unit, Ormat operated three plants in Olkaria, set up at a cost of Sh31.6 billion ($310 million) borrowed from the Overseas Private Investment Corporation, the US government’s development finance institution.
The amount of funding for plant 4 has not been disclosed but the company said it was from equity, which is insured by the World Bank’s Multilateral Investment guarantee Agency against exposure to political risks.
