This archive report was first published on 23 December 2019.
On December 23, 2019, the African Development Bank (AfDB) and the Geothermal Development Company (GDC) marked a significant milestone in their partnership with the initializing ceremony for the Partial Risk Guarantee (PRG) at AfDB's offices in Nairobi.
The PRG aims to mitigate risks associated with government failure to meet project obligations, providing a safety net for private investors and lenders.
GDC's CEO, Engineer Ole Nchoe, expressed gratitude for AfDB's support in financing geothermal development in the Menengai 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 has invested over $12 billion in clean energy projects across Africa under its High 5s umbrella, with the Menengai Crater project being one of its notable initiatives.
