| Akiira Geothermal Limited | |
| Type: | Private |
| Foundation: | 2014 |
| Key People: | Robert Bunyi CEO |
| Industry: | Electric Power Generation |
| Homepage: | Homepage |
Akiira Geothermal Limited (AGL), is an electric energy generating company in Kenya. The company owns and will build and operate Akiira One Geothermal Power Station, a proposed 70MW, power station in Kenya.[1]
AGL is a special purpose vehicle formed by the consortium that owns, will design, build and operate Akiira One Geothermal Power Station, scheduled to come online in 2018. In 2014, the company received a US$950,000 grant from OPIC to offset some of the drilling expenses.[2] In March 2016, AGL accepted a grant of KSh138.9 million (approx. US$1.4 million), from the African Union Commission, to mitigate some of the costs of drilling the geothermal wells for the power station, that is on-going since August 2015.[3] [4]
AGL owns and operates Akiira One Geothermal Power Station, a 70 megawatt geothermal station to be built in the Greater Olkaria Geothermal Area at a budgeted cost of US$300 million (KSh30 billion). Of that, 70 percent will be borrowed from Standard Bank while the remaining 30 percent will be provided by the shareholders.[5] AGL has already received a KSh86 million grant from the Overseas Private Investment Corporation (OPIC) in October 2014, as part of President Obama’s Power Africa program.[1]
Akiira Geothermal Limited owns and will design, build and operate Akiira One Geothermal Power Station. The company is owned by Centum Investment Company Limited and three other non-Kenyan companies. The shareholding in AGL is as depicted in the table below:[5]
| + Akiira Geothermal Limited Stock Ownership | |||
| Rank | Name of Owner | Percentage Ownership | |
|---|---|---|---|
| 1 | Centum Investment Company Limited of Kenya | 37.5 | |
| 2 | Ram Energy of the United States of America | ||
| 3 | Marine Power of the United States of America | ||
| 4 | Frontier Investment Management ApS of Denmark | ||
| Total | 100.00 |