{"id":19838,"date":"2024-07-20T03:00:36","date_gmt":"2024-07-20T03:00:36","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/south-african-bank-invests-in-menengai-geothermal-project-in-kenya\/"},"modified":"2024-07-20T03:00:36","modified_gmt":"2024-07-20T03:00:36","slug":"south-african-bank-invests-in-menengai-geothermal-project-in-kenya","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/south-african-bank-invests-in-menengai-geothermal-project-in-kenya\/","title":{"rendered":"South African bank invests in Menengai geothermal project in Kenya"},"content":{"rendered":"
\n

The Development Bank of Southern Africa<\/a> (DBSA) has announced a $68 million credit investment on Sosian Energy for the Menengai geothermal power project in Kenya. The investment will go towards increasing the capacity of the existing 35-MW geothermal power plant of the independent power producer (IPP), as well as settling debts related to the power plant\u2019s initial construction phase.<\/p>\n

The 35-MW geothermal power plant by Sosian Energy is the first power plant to generate electricity from the Menengai geothermal field, drilled and managed by state firm Geothermal Development Company<\/a> (GDC). The plant started supplying to the local grid<\/a> in August 2023 and was fully commissioned by November 2023.<\/p>\n

\u201cAt Sosian, we are already producing electricity at the cheapest rate in Kenya\u2019s history at 8 cents per kWh. We look forward to being supported by the funding effort so we can continue to provide electricity at a cheap rate to the people who need it the most,<\/em>\u201d said Kigen Moi, Director at Sosian Energy.<\/p>\n

\"\"
The Sosian Energy geothermal power plant in Menengai, Kenya (source: VenuGopal Varanasi via LinkedIn)<\/figcaption><\/figure>\n

The power plant by Sosian Energy is the first of three power plants planned for the Menengai geothermal field. Work on the second power plant by Globeleq<\/a> is already underway.<\/p>\n

The DBSA is a government-owned development finance institution that aims to promote economic growth and regional integration for sustainable development projects across the African continent. The transaction is historic for being the first instance of an African-owned company being financed by an entirely African-owned development bank in the geothermal space. According to Mohan Vivekanandan of DBSA, the Bank will be providing the $68 million investment over 12 years.<\/p>\n

Source: BusinessDay<\/a>, Citizen Digital<\/a>, and ODRI Media<\/a><\/p>\n

The post South African bank invests in Menengai geothermal project in Kenya<\/a> first appeared on ThinkGeoEnergy – Geothermal Energy News<\/a>.<\/div>\n","protected":false},"excerpt":{"rendered":"

\n

The Development Bank of Southern Africa has made a $68 million credit investment to support Sosian Energy’s geothermal power project in Menengai, Kenya.<\/p>\n

The post South African bank invests in Menengai geothermal project in Kenya<\/a> first appeared on ThinkGeoEnergy – Geothermal Energy News<\/a>.<\/div>\n","protected":false},"author":1,"featured_media":19839,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[675,7314,4467,14670,14669,15377,8929,18825,2134,1329,7490],"class_list":["post-19838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-african","tag-bank","tag-energy","tag-geo","tag-geothermal","tag-invests","tag-kenya","tag-menengai","tag-project","tag-south","tag-think"],"yoast_head":"\nSouth African bank invests in Menengai geothermal project in Kenya - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/south-african-bank-invests-in-menengai-geothermal-project-in-kenya\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South African bank invests in Menengai geothermal project in Kenya - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"The Development Bank of Southern Africa has made a $68 million credit investment to support Sosian Energy's geothermal power project in Menengai, Kenya. 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