Five insurers have teamed up for a geothermal exploration risk cover that will compensate investors up to $2 million (Sh257.5 million) when they drill and fail to find sufficient output in Kenya, in a move aimed at spurring private investments in the green energy space.
ICEA Lion, Mayfair Insurance, Old Mutual, GA Insurance and Kenya Re as a consortium will underwrite the risks with the hope that the cover will provide incentive to potential investors and banks to back such projects.
