Akiira Geothermal Limited

Akiira Geothermal Limited
Type	Private
Industry	Electric Power; Generation
Founded	2014
Headquarters	Nairobi, Kenya
Key people	Robert Bunyi; CEO
Products	Electricity
Website	Homepage

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]

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
Rank	Name of Owner	Percentage Ownership
1	Centum Investment Company Limited of Kenya	37.5
2	Ram Energy of the United States of America
3	Marine Power of the United States of America
4	Frontier Investment Management ApS of Denmark
	Total	100.00

References

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

External links

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[Close-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.

[Get-5] Gachiri, John (6 August 2015). "Centum Gets Insurance Cover for Geothermal Power Project". Business Daily Africa. Nairobi. Retrieved 4 March 2016.