| Akiira One Geothermal Power Station | |
| Location Map Caption: | Location of Akiira One Geothermal Power Station |
| Coordinates: | -0.9333°N 36.3°W |
| Country: | Kenya |
| Location: | Greater Olkaria Geothermal Area Nakuru County |
| Status: | Planned |
| Construction Began: | 2016 (Expected) |
| Commissioned: | 2018 (Expected) |
| Owner: | Akiira Geothermal Limited |
| Ps Electrical Capacity: | 70MW expandable to 140MW |
The Akiira One Geothermal Power Station, is a proposed 70MW geothermal power plant in Kenya,[1] the largest economy in the East African Community.
The facility is located in the Greater Olkaria Geothermal Area, about 12km (07miles), by road, south of the existing Olkaria I Geothermal Power Station, and approximately 127km (79miles), northwest of Nairobi, Kenya's capital and largest city.[2]
Centum Investments, a Kenyan investment company, in conjunction with three other non-Kenyan entities, jointly plan to construct the Akiira Geothermal Power Station at a projected cost of US$300 million, using Akiira Geothermal Limited, the special-purpose company they jointly own. The power station will be developed in phases, with the first 70 megawatts coming on-line by December 2018 and the next 70 megawatts added to the national grid at a later date.[3] In August 2015, Akiira Geothermal Limited signed a power purchase agreement with Kenya Power and Lighting Company, at a cost of 9.23 US cents per kilowatt hour.[4] [5]
Akiira One Geothermal Power Station is owned by Akiira Geothermal Limited, a Kenyan limited liability company owned by Centum Investment Company Limited and three other non-Kenyan companies. The shareholding in Akiira Geothermal Limited is as depicted in the table below:[6]
| + Akiira Geothermal Limited Stock Ownership | ||
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | Centum Investments of Kenya | 37.5 |
| 2 | Ram Energy of the United States of America | |
| 3 | Marine Power of the USA | |
| 4 | Frontier Investment Management ApS of Denmark | |
| Total | 100.00 | |
The total construction bill is budgeted at US $300 million (KSh30 billion). Of that, 30 percent will be sourced from shareholders while the remaining 70 percent will be borrowed from Standard Bank.[6] Akiira 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 programme.[1] [7] In January 2018, the European Investment Bank (EIB), offered to lend €155 million (KSh19.5 billion) on commercial terms, to fund the construction.[8]