Cyrq Energy will lend USD 300 million to Kenya for construction of 330 MW geothermal power plant in Suswa, Narok County, in south-western Kenya. The feasibility study on the project has already been carried out and regulatory approval request has been sent to competent authorities.
Phase-I of the project will be financed internally, with a mix of equity and debt, while long-term debt will be guaranteed for other phases of the project. The company plans to start producing 75 MW within two years of the Kenyan authorities’ approval.
The overall project is set to take an average of three to four years before completion after which electricity is first sold to the utility firm -- Kenya Power -- under a long-term 25 year power purchase agreement (PPA).