Kenya to benefit from geothermal project investment

07/06/2011 - Kenya property & investment news Posted by Neil King
Kenya to benefit from geothermal project investment

Kenya looks set to benefit from investment in its geothermal projects.According to Bloomberg, Centum Investment Co. plans to take advantage of the country's substantial sources of renewable energy.James Mworia, chief executive at the investment firm, explained that there is a huge opportunity to exploit "significant geothermal resources".He added: "I don't think we have enough capital, all of us combined, to exploit this particular resource we have."Kenya's state-run Geothermal Development Co. will benefit from the funding in the fiscal year through to March.Meanwhile, Centum will also invite its partners to join it on the geothermal investment projects.Kenya represents the biggest economy in East Africa and the country has plans to make substantial developments to its renewable energy sources.Indeed, by 2030, Kenya is aiming to develop 10,000 megawatts of energy from geothermal steam sources.This should shift the country's dependence away from weather-dependent sources, like hydropower, the news agency noted.