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Kenyan Geothermal Project Financing Reduces CO2

Emerging Africa Infrastructure Fund (“EAIF”) managed by Frontier Markets Fund Managers Limited (“FMFML”), a Mauritius incorporated fund management company jointly owned by Standard Bank Group, FMO (The Dutch Development Bank) and Emerging Markets Partners (“EMP”) has reinforced its credentials in the project finance sector with its role in the Olkaria III Project.

This is the first privately owned geothermal plant in Africa attracting financing of USD $15 million. The Olkaria III Geothermal Power Plant is situated in the Olkaria geothermal steam field, in the Rift Valley Province, roughly 100 km northwest of Nairobi, Kenya. The project consisted of the development of the geothermal field (including drilling of wells with a capacity of 58 MW) and the construction and implementation of a 13 MW facility, followed by an additional increase in generation capacity to 48 MW. The project also contributes very positively to the targets of international climate change policies and can replace 120,000 tons of imported oil, mitigating approximately 200,000 tons of CO2 emissions per year.

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