The Geothermal Development Company Limited (GDC) has increased its turnover by 24% for the year ended 30th June 2016 from KES 2.53 billion to KES 3.16 billion. GDC therefore made a profit of KES 287 million compared to KES 1.6 billion previous year—a drop attributed to increased operational expenses.
“GDC continues to get revenue from the sale of the 320MW of steam in Olkaria to KenGen which is used to run the two new power plants and several wellhead generation units,” noted the Chairman of the GDC Board, Mr. Gershom O. Bw’Omanwa during the Annual General Meeting.
The Managing Director & CEO Eng. Johnson P. Ole Nchoe said that construction of 105MW power plants in Menengai would soon start, which will bring to GDC additional earnings of Kshs 1.7 billion once the power plants are ready and electricity is connected to the grid.
Drilling for the project started in 2011 and by 2018, a total of 105MW of electricity will be connected to the national grid which will be the shortest period for such a project. In the past, geothermal projects in Kenya have taken more 10 years from conceptualization to power generation.
GDC uses a unique model that combines its resources as a state owned entity (SOE) with those of the private sector, with the aim of accelerating the geothermal development process. This enables the company to speed up implementation of its projects