Rank: Member Joined: 2/20/2015 Posts: 468 Location: Nairobi
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KaunganaDoDo wrote:kawi254 wrote:KaunganaDoDo wrote:VituVingiSana wrote:KaunganaDoDo wrote:Ericsson wrote:Angelica _ann wrote:Fyatu wrote:VituVingiSana wrote:Ericsson wrote:The European Investment Bank (EIB) has cancelled a sh.19.5 billion loan offer to a firm partly owned by Centum Investments over viability and environmental concerns raised by lobbies.
The EIB East Africa head Catherine Collin had last year said the Euros 155 million (Sh.19.5 billion) generation financing package to Akiira Geothermal Ltd "will be finalised soon."
The Centum consortium was expected to contribute sh.11.7 billion or 30% of the project's cost of sh.39 billion while the rest would be funded through commercial loans.
The EIB Deputy Head of Division Joan ManuelSterlin Balenciaga,however,said in communique dated October 10:"After careful consideration and due to the fact that the EIB has seen no progress on the Akiira Geothermal expansion project over the past three years,the EIB has formally decided not to pursue the appraisal of the project." It's time for Centum to make a 100% provision for Akiira and Amu. When Centum were offloading Almasi, James Mworia spoke of putting the money into equities. Any idea which stocks at NSE Centum are buying? Mworia is confident that this move will push capitalisation to kshs. 100 billion ala Centum 3.0. I'm just following the money here Am i small fish but i saw these shenanigans coming, how the Centum gurus or any other investor in these goal plants dint see this i wonder - based on the 'new' constitution. It was bound to be a fight with the locals and human rights individuals/organizations out to eat. Lakini yote ni sawa. This is the geothermal power plant in Menengai Its actually proposed site at the Longonot, just after KenGen Olkaria IV. They have been burnt beyond recognition. The risk with Geothermal energy is huge at the prospective, drilling stages....you drill so many directional wells of many km, only for it to turn out dry...dry wells...or small steam capacity...and one exploratory well costs around 6M USD....This is the primary reason the government formed GDC, to derisk the geothermal energy from these kinds of risks...GDC does the exploratory drilling, once they find the steam capable of running a power plant for 25 years, they sign Steam Supply Agreement with Power Generation Companies...like what they did with KenGen(Olkaria IV and Olkaria 1 unit IV &V, 280MW) ...KenGen pays GDC 2 US cents per kWh generated...the same applies to the menengai 105MW(35MW, orpower,35MW sosian, and 35MW Quantum...) the 3 IPPs will pay GDC 2 US cents per kWh once generation starts....But greedy firms like Centum ( AGIL & Akira Marine Power)who wants everything, will lose everything when their wells turn dry...All their wells turned dry... Isn't it better for PRIVATE firms to lose money than the TAXPAYER? Whereas I do not want Centum to lose money, in the bigger picture I would rather see PRIVATE investments and not GoK do so given the level of debt and corruption. Hahaha. Energy Supply is a public good. But i see your point. Kuwa na Huruma kwa Centum.... Only that the public sector has more experienced Geologists and Engineers who knows the smell of steam KMs away....Even Ethiopia is using KenGen Geologists/engineers...S Wasn't it KenGen that consulted & drilled for Akira the dry wells? I remember KenGen declaring some 1+ Billion of 'other income' from Geothermal consultancy some time back I think KenGen leased them their drilling rigs...even if KenGen were to be the consultants, they dont take the risk... Centum turns to KenGen in fresh geothermal questCentum could take that 75% PPP being offered by KenGen in Olkaria for already drilled wells and available steam instead of risking another dry well. Looks like KenGen's side hustle of drilling is becoming a main hustle.
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