EAIF - Olkaria

Olkaria III is a 48 mega-watt (MW) geothermal power plant located in Naivasha, Kenya and the deal is the first privately funded and developed geothermal project in Africa. Geothermal projects avoid the need to import fossil fuels and instead utilise a locally available resource which will improve Kenya’s power supply. Kenya’s power sector is highly dependent on hydrological conditions as the bulk of the generation capacity (677 of 1,198 MW) lies with hydro power.

 

Olkaria 1

       (Picture to show Ormat's 48 MW Olkaria III Geothermal Power Plant at Naivasha, Kenya )

 

The project contributes very positively to the targets of international climate change policies with the generation of renewable energy and is expected to qualify for the provision of carbon credits within the Clean Development Mechanism of the Kyoto-Protocol. 

 

“This initiative means that the cost of power to the end user will be less than that generated from fuel oil or other alternative energy sources. This in effect will assist in holding down the cost of electricity to consumers as well as for the industry,” Tony Lea, Chairman of the EAIF comments.

 

Olkaria 2

       (Picture to show Ormat's 48 MW Olkaria III Geothermal Power Plant at Naivasha, Kenya )

 

The borrower, Orpower 4, Inc. is wholly-owned subsidiary of Ormat Technologies, Inc. (NYSE: ORA). The Project follows a ‘Build-Own-Operate’ structure and has been implemented in two main phases.

 

 

Please click on the link below to view the press release for Olkaria.

Press Release for Olkaria & Maghreb Tubes