Kenya has received a $29.65m loan to finance its drive for geothermal energy production, as the country aims to reach the targeted 5,000 MW of power with a minimal mix from thermal sources, All Africa reported. The capital will co-finance up to two geothermal projects in the Rift Valley.
The funding comes from the Climate Investment Funds’ Clean Technology Fund (CIF-CTF), which is a concessional loan secured with support from the African Development Bank (AfDB). The AfDB informed that the program will build on the energy advancements already underway in the successful development of the country’s showcase Menengai Geothermal Field.
Transformation of the geothermal energy sector is a core part of Kenya’s economic growth plan for its expanding and increasingly urbanizing population. In its ‘Vision 2030’ the country identified energy and electricity as a key element of its economic transformation, with geothermal as the lead technology. It is estimated that by 2020 the country’s projected installed energy capacity will triple from 2,177 MW to 6,766 MW, with geothermal contributing around 2,000 MW.