Market Development
Akiira Geothermal Ltd. Concessional Funding
GreenMax was retained to secure concessional funding for Africa’s first greenfield geothermal project privately financed without government support in early-stage exploration.
Duration
Jan 2013 - Dec 2017
Service Areas
Transaction Advisory
Countries
Kenya
Client(s)
- Akiira Geothermal Ltd.
GreenMax was retained to secure concessional funding for Africa’s first greenfield geothermal project privately financed without government support in early-stage exploration.
Located next to the Olkaria field, the Akiira Geothermal project will be implemented in two tranches of 70 MW each. Akiira is a landmark project in that it is the first greenfield geothermal project in Africa to be privately financed without government financial support in early stage exploration. In 2013, GreenMax was retained to secure concessional funding for the development process of the project. To date, GreenMax has secured a USD 1.2M grant to support drilling from the Geothermal Risk Mitigation Facility (GRMF), grant funding of nearly USD 1M from the U.S. OPIC Africa Clean Energy Facility to support final stages of project preparation including technical and legal work necessary to commence drilling, and approval for another USD 1M from USTDA to support the final feasibility study after test drilling. The GreenMax team also played a key role in negotiation of the PPA with Kenya Power, in obtaining permits and licenses from Kenyan authorities and in planning the Community Social Responsibility program with the surrounding residents.
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