GDC attended AfDB’s intializing ceremony for the partial Risk Gaurantee (PRG) at the AfDBs offices in Nairobi. The PRG is set to cover private investors and lenders against possible risk of government failure to meet obligations of a project.
Speaking during the ceremony, GDC’s CEO, Engineer Ole Nchoe acknowledged AfDBs support in financing geothermal developent at the crater and along the Rift Valley.
With the PRG, we can now come to a financial close; the Independent Power producers can now access funds and site work can begin
Eng. Ole Nchoe, CEO& Managing Director at GDC
AfDB is a major financier of renewable energy projects across Africa, with the Menengai Crater projects being under them. So far, the development bank has invested $12 Billion in clean energy under the High 5s umbrella.
More details to follow.……