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Multilateral insurer Atidi underwrites its first energy project in Kenya
A geothermal well at the Menengai Geothermal Development Company (GDC) project in Nakuru County on June 7, 2023. Atidi is underwriting the payments that Globeleq expects to receive from Kenya Power for its 35-megawatt geothermal power plant in Menengai.
Nairobi-based African Trade and Investment Development Insurance (Atidi) will guarantee the payments Globeleq expects to receive from Kenya Power, from its 35 megawatt (MW) geothermal power plant in Menengai, offering a significant boost to the British-owned power producer.
The deal will see Atidi provide a payment guarantee to Globeleq in case of any payment delays or non-payment for selling electricity to Kenya Power Company (KPC) under a Power Purchase Agreement (PPA). Atidi is owned by regional governments, including Kenya, besides institutional investors like Kenya Re.
