Akiira Geothermal Limited

Akiira Geothermal Limited (AGL), is an electric energy generating company in Kenya. The company owns and will build and operate Akiira One Geothermal Power Station, a proposed 70 MW (94,000 hp), power station in Kenya.[1]

Akiira Geothermal Limited
TypePrivate
IndustryElectric Power
Generation
Founded2014
HeadquartersNairobi, Kenya
Key people
Robert Bunyi
CEO
ProductsElectricity
WebsiteHomepage

Overview

AGL is a special purpose vehicle formed by the consortium that owns, will design, build and operate Akiira One Geothermal Power Station, scheduled to come online in 2018. In 2014, the company received a US$950,000 grant from OPIC to offset some of the drilling expenses.[2] In March 2016, AGL accepted a grant of KSh138.9 million (approx. US$1.4 million), from the African Union Commission, to mitigate some of the costs of drilling the geothermal wells for the power station, that is on-going since August 2015.[3][4]

Power stations

AGL owns and operates Akiira One Geothermal Power Station, a 70 megawatt geothermal station to be built in the Greater Olkaria Geothermal Area at a budgeted cost of US$300 million (KSh30 billion). Of that, 70 percent will be borrowed from Standard Bank while the remaining 30 percent will be provided by the shareholders.[5] AGL 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 program.[1]

Ownership

Akiira Geothermal Limited owns and will design, build and operate Akiira One Geothermal Power Station. The company is owned by Centum Investment Company Limited and three other non-Kenyan companies. The shareholding in AGL is as depicted in the table below:[5]

Akiira Geothermal Limited Stock Ownership
RankName of OwnerPercentage Ownership
1Centum Investment Company Limited of Kenya37.5
2Ram Energy of the United States of America
3Marine Power of the United States of America
4Frontier Investment Management ApS of Denmark
Total100.00

See also

References
  1. Gachiri, John (8 December 2014). "Geothermal Power Firm Inches Closer to KSh27 Billion Plant Approval". Business Daily Africa. Nairobi. Retrieved 4 March 2016.
  2. EAC (21 October 2012). "$950 000 OPIC grant secured for Kenyan geothermal project". Esi-Africa.com (EAC). Retrieved 4 March 2016.
  3. Guguyu, Otiato. "AU sinks Sh138m in Kenya geothermal exploration". Daily Nation. Nairobi. Retrieved 4 March 2016.
  4. Kangethe, Kennedy (2 March 2016). "Akiira Geothermal Limited gets Sh138 million for exploration works". Nairobi: 98.4 Capital FM. Retrieved 4 March 2016.
  5. Gachiri, John (6 August 2015). "Centum Gets Insurance Cover for Geothermal Power Project". Business Daily Africa. Nairobi. Retrieved 4 March 2016.

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