Geothermal project to get Sh10 billion shot in the arm

Workers at a geothermal well at Menengai Crater in Rift Valley. Geothermal power production is expected to cool escalating cost of electricity which has slowed down economic growth. FILE

What you need to know:

  • Geothermal power production is expected to cool escalating cost of electricity which has slowed down economic growth.

The multi-billion Menengai Geothermal project has received a major boost after the World Bank pledged to inject an additional Sh10 billion to speed up the drilling and exploration of the green energy.

The funding comes at a time when Geothermal Development Company (GDC) is stepping up efforts to woo investors to put up power plants in the three-year-old project which is supposed to generate 5,000MW by 2030.

Geothermal power production is expected to cool escalating cost of electricity which has slowed down economic growth.

Speaking during a recent tour of Menengai Project, the World Bank sustainable development sector leader, Mr Nathan Belete, assured GDC of its support to make sure it achieves its intended goal of driving the economy of this country.

“As your allies, we shall support you as we are satisfied with the current progress on the ground. You have maintained the high standards and accomplished all the strategies you have put in place,” said Mr Belete who also represents Rwanda, Eritrea and Somalia.

Six Bretton Woods specialists who made an extensive tour of the project in Nakuru County hailed GDC for implementing a comprehensive health, environmental and safety initiatives at the Menengai Project.

“I have toured a number of geothermal projects across the continent but I must say I’m very much impressed by the encouraging pace Kenya has attained so far in the development of green energy,” said Mr Belete.

Attract international interest

According to the World Bank energy and finance specialist, Mr Mits Motohashi, the bank is keen on helping GDC exploit untapped green energy resources in the country.

Increasing growth of geothermal energy in the country has continued to attract international interest in the recent years.

The US through United States Agency International Development (USAID) and Geothermal Energy Association has formed the East Africa Geothermal Project (EAGP) to boost exploitation.

At the same time, the Nordic Fund and the World Bank have created a strategy to ensure that each country in the East Africa Rift Valley system successfully drills at least one exploration well.