January 27, 2012
The African Development Bank (AfDB) has prepared a $120-million loan to fund a 400-megawatt geothermal power station in Menengai, Kenya's Daily Nation reported on Thursday (January 26th).
State-owned Geothermal Development Company has begun work on the first phase of the project, which includes setting up four power plants, each with a capacity of 100 megawatts, the paper reported.
Funding for the project was approved by the AfDB last year and is expected to be dispensed in March, said Gabriel Negatu, the bank's regional director.
The entire project will cost nearly $800 million. Investors include the European Investment Bank, the Climate Investment Bank, the French Development Agency, the World Bank and the Kenyan government, according to the paper.
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