Insurance boost for Kenya’s major green project

ATIDI has underwritten a USD 117 million political risk insurance for Globeleq's 35 MW Menengai Geothermal power project in Kenya. This support is provided via the Regional Liquidity Support Facility (RLSF), a collaboration between ATIDI, KfW Development Bank, and Norad. It protects against payment defaults by Kenya Power & Lighting Company (KPLC) and Geothermal Development Corporation (GDC). The project is financed by African Development Bank, Eastern and Southern African Development Bank, Finnfund, and Globeleq. Kenya aims to reach 100% clean energy by 2030, with geothermal projects like Menengai playing a key role. ATIDI is based in Nairobi and supports renewable energy Independent Power Producers (IPPs).

• The project involves a 25-year power implementation and steam supply agreement.

• The RLSF initiative has supported seven renewable energy projects in four countries, enabling USD 323.7 million in financing.

• Kenya became the tenth ATIDI member state to sign the RLSF MoU.