To finance the development of up to 4,700MW of geothermal power projects in Kenya, Kenya Electricity Generation Co. (KenGen) is ?considering issuing asset-backed securities?, so reported by Bloomberg this week.
The bonds, so reported, ?maybe ready to be offered linked to geothermal resources as early as next year?. This would require the permission by the authorities in the country. The securities would trade on the Nairobi Stock Exchange. ?We can use steam as an asset to raise funds for drilling. The idea is in the development stage, but we could be ready in six months, a year.?, so KenGen?s Managing Director Eddy Njoroge.
The country?s Geothermal Development Company considers unexploited geothermal resources in the range of 7,000 to 10,000 MW at 14 ?high-potential? locations with an estimated value of $30 billion.
The country is expected to see a surge in power demand and geothermal is a key element in meeting this demand. Today geothermal represents about 15% of generated electricity, by 2030 this is expected to reach 30%.
Source: Bloomberg
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Source: http://thinkgeoenergy.com/archives/8526
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