China Eximbank provides RMB 670 million loan for Olkaria IV Geothermal Production Wells Drilling Project (Linked to Project #58350)
Constant 2017 USD
Funding agency [Type]
Export-Import Bank of China [State-owned Policy Bank]
Energy (Code: 230)
On April 13, 2010, China Eximbank and the Government of Kenya signed a loan agreement worth RMB 670,000,000 ($93 million) for the for Olkaria IV Geothermal Production Wells Drilling Project ( or Olkaria IV--140MW Geothermal Field Production Drilling Project). The loan was provided on the following terms: 2% interest rate, 19-year maturity, 6-month grace period. The loan is scheduled for semi-annual repayment installments from August 31, 2010, until September 21, 2029. The proceeds of the loan will be used to drill 26 steam production wells at the Olkaria IV geothermal field in Kenya's Rift Valley, and thereby support the development of a 140-megawatt geothermal plant. This project was implemented by Kenya's Geothermal Development Company (GDC) - a government special purpose vehicle (SPV) for geothermal development - in collaboration with Kenya Electricity Generating Company Ltd (KenGen) and Kenya's Ministry of Energy & Petroleum. The project started on July 23, 2012. It was completed on October 17, 2014.
Another loan was provided by China Eximbank for this project (see #58350). Japan International Cooperation Agency (JICA) also provided 320 million USD for the project.
Number of official sources
Number of unofficial sources
Receiving agencies [Type]
Government of Kenya [Government Agency]
Implementing agencies [Type]
Geothermal Development Company (GDC) [Joint Venture/Special Purpose Vehicle]; Kenya Electricity Generation Company (KenGen) [State-owned Company]; Kenyan Ministry of Energy [Government Agency]