Ormat finishes Kenya geothermal plant
February 7, 2014
RENO — Ormat Technologies Inc. says it has put a plant in Kenya into commercial operation almost three months ahead of schedule.
Plant No. 3 in the Olkaria III geothermal power plant complex means that complex has expanded generation capacity by 110 megawatts, according to an Ormat news release.
Power from the complex, which is in Naivasha, Kenya, is sold under a 20-year purchase agreement with Kenya Power and Lighting Company Ltd.
Ormat said the complex was financed with a $310 million debt facility provided by the Overseas Private Investment Corp. last year, and the Reno-based geothermal firm drew down the remaining $45 million to complete Plant No. 3.
"Kenya is an important market for out future growth due to its high geothermal potential," said Dita Bronicki, Ormat's CEO, "and we are focusing our efforts on increasing our operations in Kenya."