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GreenMax Capital Advisors secures financing for large geothermal project in Kenya

US Overseas Private Investment Corporation grants $950,000 for 40MW geothermal energy project.

GreenMax Capital Advisors, a leading global clean energy transaction advisor, has secured a $950,000
grant from the US Overseas Private Investment Corporation (OPIC) Africa Clean Energy Facility (ACEF), one of the
Power Africa programs sponsored by the US Government, for Akiira One, Ltd., a Kenyan renewable energy
project development firm.

The grant will support the final stages of project preparation for a 40MW geothermal energy project in Kenya. The grant will also pay for a highly qualified set of international and Kenyan consultants to perform the final technical and legal work necessary to commence drilling for the geothermal resource early next year.

The planned project will be constructed on land concessioned to Akiira One, Ltd adjacent to the Olkaria geothermal fields, less than 100km outside of Nairobi. A first phase of 40MW will be followed by additional generation capacity totaling 140MW.

"This grant is a major step in the implementation of the first fully commercially developed geothermal project in Kenya," said Robert Bunyi CEO of Akiira One, Ltd. "While previous projects have benefited from early stage exploration and drilling funded by government and donors, Akiira One Ltd has tackled the steam field development with all its high risks, from scratch, entirely with private capital." 

Clifford J. Aron, president of GreenMax Capital Advisors, acknowledgeed the support for Akiira One, Ltd through one of the cornerstone programs of President Obama’s Power Africa initiative. "The US Government is
providing valuable impetus for clean energy development in the power-hungry nations of Sub Saharan Africa," he said. "GreenMax is proud to play a small role in helping Kenya meet its ambitious energy sector development goals.”

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Energy infrastructure  •  Geothermal  •  Policy, investment and markets