Source:ThinkGeoEnergy – Geothermal Energy News
Original URL:https://www.thinkgeoenergy.com/underwriting-facility-established-to-de-risk-geothermal-in-kenya/
ThinkGeoEnergy – Geothermal Energy News

The Insurance Regulatory Authority (IRA) of Kenya has announced the establishment of the Geothermal Risk Underwriting Facility, a program that aims to leverage local insurance to de-risk geothermal and attract private investment in the sector. The facility will underwrite up to Ksh260 million (approx. USD 2 million) to cover early-stage development drilling risks for geothermal projects in Kenya.

The IRA is supported by its partners, the Ministry of Energy and Petroleum, the State Department of Industrialisation, and the East African Insurance Sector, and supported as well by the Financial Sector Deepening (FSD Africa) in collaboration with Parhelion Underwriting and Kenbright.

Alex Wachira, Principal Secretary of the State Department of Energy, emphasized that collaboration and investment between the public and private sectors will be key enablers in driving economic growth and sustainable development.

During the launch event, IRA Commissioner of Insurance Godfrey Kiptum highlighted the critical role that the insurance sector can play in the socio-economic development of a country.  “I am proud that the insurance sector has kept innovation alive with products such as the geothermal risk underwriting facility.”

Source: CapitalFM and Mount Kenya Times

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