Akiira is a 70 MW geothermal project in Kenya with a total investment cost of around USD 300 million. It is the country’s first privately financed geothermal project where investors have exposure to drilling risk. Preliminary construction work on water piping, access roads and drill pads started in early 2014. As a next step, two appraisal wells will be drilled to the full production depth of 3000m. If the wells confirm commercial potential, an additional thirteen wells will be drilled. Of the total fifteen wells, twelve will be used for production and three for reinjection.
SCAF has been involved in the project by supporting negotiations with KENGEN on operations and maintenance, reviews of the output estimation, the financial model and key contracts with suppliers. SCAF also co-financed a partner risk assessment and provided support for the financial and legal structuring of
the project. Frontier has provided USD 965,000 in seed financing, including USD 225,000 of SCAF support.