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Japanese lenders, TDB in Sh1.86bn loan deal for Menengai power project
Energy CS Opiyo Wandayi accompanied by his PS Alex Wachira and Geothermal Development Company (GDC) CEO Paul Ngugi during their tour of the Menengai Geothermal Power Plant in Nakuru County on September 10, 2024.
Photo credit: Boniface Mwangi | Nation Media Group
Two Japanese banks in partnership with Eastern and Southern African Trade and Development Bank (TDB) have lent British firm Globelec $14.4 million (Sh1.86 billion) to finance the acquisition of power generation equipment for its upcoming 35 megawatts geothermal plant in Menengai, Nakuru County.
Under the co-financing plan, Japan Bank for International Cooperation (JBIC) will provide $8.64 million (Sh1.1 billion), and Mizuho Bank $5.76 million (Sh744 million) to TDB, which will on-lend the amount to Globeleq Menengai Geothermal Limited.
