Geothermal energy developments in Africa.
*Ethiopia: Aluto-Langano Expanding to 70 MW
*Kenya: KenGen Approves Financing Plans; GDC Names New Head of Company
The Aluto-Langano Geothermal Power Plant in Ethiopia is being expanded to a total 70 MW. The project is estimated to cost $30 million, with funding coming from Japan, the World Bank, and Ethiopia’s government.
Kenya Electricity Generating Company (KenGen) has just approved plans to raise new capital and issue 2.2 billion shares in the market in the first half of 2014, which is expected to raise $349 million. “We are growing our business very quickly and therefore need more money. KenGen will grow to three times its size over the next three years. It is a necessity that if you take debt, then you must ensure you have adequate equity,” CEO Simon Ngure was quoted. KenGen seeks to raise 4 billion over the next four years.
Also in Kenya, Simon Gicharu will head the Geothermal Development Company (GDC). Gicharu was newly appointed by President Uhuru Kenyatta and is the founder of Mount Kenya University. Local sources have reported GDC plans to drill 1400 steam wells and generate up to 5,000 MW of geo energy by 2030.