(Last Updated On: April 11, 2016)
Akiira Geothermal Ltd, a consortium developing geothermal power, will be doubling it geothermal power output to 70MW in two years at a cost of Ksh1.4 billion.
Two more wells in Akiira Valley in Naivasha will be drilled starting June at a total cost of Ksh1.4 billion. Centum has a 37.5% stake in the Ksh30 billion project.
One steam well will take around 60 days to drill to the depths of around 3.5km. Electricity generated from the well would cost around Ksh9.3 per unit (9.23 US cents). The company had signed a power purchase agreement with Kenya Power for 25 years at a cost of Ksh9.3.
Akiira is owned by four shareholders which are Frontier Investment Management, Centum, Marine Power Generation of Kenya and US based RAM Energy in charge of construction.