Geothermal Development Company expands pie for investors

The Geothermal Development Company (GDC) will continue expanding opportunities for the private sector to step up production of affordable renewable energy.

GDC Directors, Florence Bore and Carol Karagu during the Geothermal Conference held in Nairobi.

GDC Managing Director Johnson ole Nchoe said the country stands to gain a lot in successful public-private partnerships. “We have developed different investment models to attract investors at different stages of development based on their preferences,” Eng Nchoe said.

He was speaking at Safari Park Hotel during the Kenya Geothermal Strategy Consultative Forum. The two-day forum brought together financiers, investors, policy makers, geothermal experts and regulatory agencies locally and internationally.

Nchoe said with most of the fields being de-risked by the day, the private sector has a golden opportunity to be part of the emerging and exciting sector, at the heart of the country’s development agenda.

Energy and Petroleum Cabinet Secretary Charles Keter assured investors and financiers that GDC has regained control of its operations. “We have a new CEO and a completely new board. This team is turning around the company. You should not be afraid again of what happened in the past. I have confidence in the team and in GDC,” Mr Keter said.

Corruption allegations at the firm nearly derailed the geothermal agenda, which the government has touted as critical to easing cost of energy.