CDC acquires company building 35MW geothermal plant in Angola
CDC, the UK's development finance institution, is making a foray into Kenya’s geothermal electricity sub-sector.
It has acquired one of the firms that have been contracted to put up power plants at the Menengai geothermal fields. Through its Africa focused energy firm Globeleq, CDC has acquired a controlling stake in Quantum Power East Africa (QPEA) GT Menengai.
QPEA is among three firms that were awarded contracts by Geothermal Development Company to develop power plants in Menengai. The company is supposed to build a 35MW power plant in the region and use geothermal from wells drilled by GDC to generate electricity.
The entry of Globeleq in the area could see resumption of works in the fields, with the three firms having failed to achieve much years after winning bids to build the power plants. The firm is 70% owned by CDC and 30% owned by Norfund, the Norwegian State-owned investment company.
