Kenya: GDC signs fund grant worth Ksh 1.6 billion

A parastatal of Kenya's government, Geothermal Development Company (GDC) has ensured and signed a grant contract for the funding of KSh 1.6 billion for testing and drilling program at the Paka element of the Baringo-Silali geothermal project in Kenya, according to a report by Think Geonergy.

As reported, Jared O. Othieno, the Managing Director and CEO of the Geothermal Development Company (GDC) has signed a Geothermal Risk Mitigation Fund (GRMF) grant esteeming Ksh.1.6 bn (over USD 14.5 million) for the execution of the testing and drilling program and infrastructural development in the Baringo-Silali Geothermal Project at Paka Project.

The contract was reportedly made between the African Union that was represented by the Contracting Authority, the African Union Commission Recipient while the National Treasury of the Republic of Kenya is the Recipient.

Taking to Twitter, GDC announced the agreement;

GDC signs Geothermal risk mitigation fund grant worth Ksh 1.6Bhttps://t.co/5jfluuyamL

— Geothermal Development Company (@GDCKenya) January 7, 2021

 

"GDC, being the beneficiary of the grant, is expected to implement the contract whose main purpose is the implementation of a Drilling and Testing Programme and Infrastructure Upgrade Programme in Kenya at the Project Site Paka. The Baringo-Silali Project is a Government of Kenya with an estimated potential of 3,000MW covering three prospect areas namely Paka, Korosi, and Silali. GDC has been undertaking geothermal exploration drilling at the Paka Prospect in the Baringo-Silali Geothermal Project and is now anticipating the commencement of explorations at the Korosi Prospect, the other prospect within the project," it stated.