Project ID: 31023

China Eximbank provides RMB 670 million loan for Olkaria IV Geothermal Production Wells Drilling Project (Linked to Project #58350)

Commitment amount

$ 119629693.3

Constant 2017 USD

Summary

Funding agency [Type]

Export-Import Bank of China [State-owned Policy Bank]

Recipient

Kenya

Sector

Energy (Code: 230)

Flow type

Loan

Concessional

Yes

Category

Intent

Development (The next section lists the possible statuses.)

Commercial

Development

Representational

Mixed

Financial Flow Classification

ODA-like (The next section lists the possible statuses.)

Official Development Assistance

Other Official Flows

Vague (Official Finance)

Flows categorized based on OECD-DAC guidelines

Project lifecycle

Status

Completion (The next section lists the possible statuses.)

Pledge

Commitment

Implementation

Completion

Suspended

Cancelled

Milestones

Commitment year

2010

Implementation

2012

2012-07-23

Actual start

Completion

2014

2014-10-17

Actual

Geography

Description

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.

Additional details

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

8

Number of unofficial sources

7

Download the dataset

Details

Cofinanced

No

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]

Loan type

Concessional

Maturity

19 years

Interest rate

2.0%

Grace period

1 years

Grant element

43.65178352%

Gurarantee provided

No

Insurance provided

No