Who we are
The Akiira Geothermal Project, is a landmark power project in the East African power sector with plans to develop a 70MW geothermal power plant. The Project represents one of the few greenfield geothermal power projects in the East African region that is being developed as a privately financed independent power project (“IPP”), and it extends Kenya’s innovation in the geothermal power space.
The Project will deliver clean, green energy to Kenya’s grid at a price significantly lower than Kenya’s alternative sources of base-load energy, heavy fuel oil (“HFO”) generation. The Project is on-track to be the first in what will be a series of geothermal power projects developed under a private geothermal exploration/exploitation license held by Marine Power Generation Limited (“MPG”), who are also one of the shareholders of Akiira Geothermal Limited (“AGL”).
The Project is attractive for a number of reasons, including but not limited to:
- strong project sponsors;
- a solid and time-tested power purchase agreement (“PPA”) framework;
- moderate leverage ratios and adequate senior debt coverage ratios;
- A reliable off taker in Kenya Power and Lighting Company (“KPLC”);
- financially stable and experienced EPC contractor and equipment provider; and
- A solid internal and external technical team;
- A solid Community and Stakeholder engagement and management plan.
The Project is divided into two phases:
Phase 1: The exploration drilling phase, which focuses on the development of approximately 14 MW from wells funded by Equity.
Phase 2: This will include the drilling of the remaining production/injection wells, construction of the steam gathering system (SGS), the transmission line, and the power plant. This Phase will be funded by Debt financing. Debt financing will also be used to return equity to the Sponsors, up to the target project gearing, in order to partially fund the drilling effort of both phases.
Additionally, the project has received significant global attention and has secured the support of US development agencies (OPIC and USTDA), Seed Capital Assistance Facility (SCAF) and the African Union Geothermal Risk Mitigation Facility (GRMF) through milestone grant funding.
Work with private and public companies, industries and investors to meet Kenya’s future growth through geothermal energy and power plant development.
To be a world-class geothermal development company.
The Akiira team represents the spirit of our company: driven, committed, and acutely aware of how limitless AGL potential is to grow.