ATIDI Provides RLSF Support for 35 MW Geothermal Project in Kenya
The African Trade & Investment Development Insurance (ATIDI) has announced liquidity support for the 35 MW Globeleq Menengai Geothermal Project in Kenya through the Regional Liquidity Support Facility (RLSF). This initiative is the first of its kind for RLSF cover in Kenya and aims to mitigate payment default risks associated with public entities involved in the project.
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ATIDI's Regional Liquidity Support Facility (RLSF) will cover risks related to payment defaults by Geothermal Development Corporation and Kenya Power for the 35 MW Globeleq Menengai Geothermal Project. Valued at $117 million, the financing includes contributions from the African Development Bank (AfDB), the Eastern and Southern African Development Bank (TDB), and Finnfund.
The project aligns with Kenya's aim to increase electricity generation capacity from 3,078 MW in 2023 to 5,000 MW by 2030. RLSF has previously supported renewable energy projects in other countries, with total financing of $323.7 million and a leverage ratio of 16 times. The Government of Kenya aims for a 100 percent clean energy transition by 2030, and geothermal projects are central to this goal.
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