Page 11 - AfrElec Week 08 2023
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AfrElec RENEWABLES AfrElec
Toyota Tsusho to construct Kenya’s
latest geothermal power plant
KENYA TOYOTA Tsusho Corporation has won a con- The data show that geothermal generation
tract to build a 35MW geothermal power gen- is the leading source of electricity generation
eration plant owned by UK-based Globeleq in accounting for 40.6% in 2021, followed by hydro
Kenya’s Menengai Crater, in the Great Rift Valley, generation at 29.6% and wind at 16.0%.
Business Daily reports.
The new power plant will be the first
among the three geothermal wells drilled by
the state-owned Geothermal Development
Corporation and auctioned nearly a decade
ago but which have been dormant due to a
lack of financing.
“We are very excited to partner with Toyota
Tsusho Corporation, which has an established
presence in Africa and a proven track record in
Kenya’s geothermal sector,” Globeleq chief exec-
utive Mike Scholey said, as quoted by Business
Daily.
The $108mn project is being financed by the
African Development Bank (AfDB), the Eastern
and Southern African Trade & Development
Bank and Finnfund.
Kenya’s appetite for renewable energy
sources is paying off with 89.6% of electric-
ity being generated from renewable sources,
according to data by the Kenya Economic Sur-
vey for 2022.
Armadale nears commercial production
at Tanzania graphite project
TANZANIA ARMADALE Capital, an AIM-quoted invest- required for project development.
ment company focused on natural resource “With the global graphite market amid a
projects in Africa, announced on February 13 cyclical upswing, due to strong underlying fun-
that it has made progress towards commercial damentals stemming from the buoyant electric
production of graphite at the Mahenge Liandu vehicles sector,” director Nick Johansen said, “the
project in Tanzania. board remains squarely focused on progressing
This is an important strategic development plans to secure the framework agreement with
as part of ongoing plans to expedite the path to the Tanzanian government regarding the 16%
commissioning commercial mining operations, ownership.”
Armadale said, also noting significant progress “More importantly, the board is re-doubling
made at the neighbouring Black Rock Resources efforts to secure long-term project finance from
project over the past 12 months. a reputable provider and lining up off-take part-
The Armadale board has accelerated the ners to generate a clear road map to commission-
development of the mining lease at the Mahenge ing a viable commercial mining operation.”
Liandu Project on several fronts, which collec- Armadale said it sees debt funding opportu-
tively enhance the progression towards com- nities being helped by a surge in graphite prices
mercial mining operations. The group is also due to demand from the electric vehicles (EV)
continuing discussions with several potential sector and a potential supply deficit materialis-
financing partners regarding the debt funding ing this year.
Week 08 22•February•2023 www. NEWSBASE .com P11
