Akiira Geothermal Project Loses Major Funding
Wednesday November 6, 2019  Printer Friendly Email this article

The Akiira geothermal project in western Kenya has reportedly lost a major funder. The European Investment Bank (EIB), the project’s largest lender, has recently cancelled its financing. The European financial institution was to provide a loan of 19.5 billion Kenyan shillings ($190 million) to Akiira Geothermal, the company created for this project located in the Olkaria region of the Rift Valley in western Kenya.

“After careful consideration and considering that the EIB has not made any progress on the Akiira Geothermal expansion project over the past three years, the EIB has formally decided not to pursue its investigation of the project,” said Joan Manuel Sterlin Balenciaga, Deputy Director of the EIB’s Communication Division.  

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