All societies aspire to modernise and develop. Achieving this requires significant investment in major infrastructure—be it water, roads, energy, or ports. Yet few nations possess the financial muscle to fund such projects independently. Broadly, there are two avenues to bridge this gap: government borrowing or private sector investment. While public borrowing increases national debt, private investment presents an attractive alternative—though it is not without complexity. Investors evaluate a multitude of factors, with risk topping the list. It is in addressing this risk that GDC enters the picture.
所有社会都渴望现代化和发展。要实现这一目标，需要对主要基础设施进行大量投资，无论是水、道路、能源还是港口。然而，很少有国家拥有独立资助此类项目的财政实力。从广义上讲，有两种途径可以弥合这一差距：政府借款或私营部门投资。虽然公共借款会增加国家债务，但私人投资提供了一个有吸引力的替代方案——尽管它并非没有复杂性。投资者会评估多种因素，其中风险位居榜首。正是在解决这种风险方面，GDC 才得以关注。
Geothermal energy is a capital-intensive enterprise. This partly explains why, since 1972, progress in the sector remained sluggish. It was only with the establishment of the Geothermal Development Company (GDC) that the industry began to regain momentum.
地热能是一项资本密集型企业。这在一定程度上解释了为什么自 1972 年以来，该行业的进展一直缓慢。直到地热开发公司 （GDC） 成立，该行业才开始恢复势头。
A prime example of this resurgence is the Menengai Geothermal Project, which has successfully attracted a staggering Sh36 billion in private investment for the development of three power plants. These Independent Power Producers (IPPs) will collectively generate 105MW.
这种复兴的一个典型例子是 Menengai 地热项目，该项目已成功吸引了惊人的 360 亿新元私人投资，用于开发三座发电厂。这些独立发电商 （IPP） 将共同发电 105MW。
The model is simple yet strategic: the government, through GDC, undertakes the high-risk, early-stage work—exploration, drilling, and infrastructure development. The IPPs then step in to build and operate power plants, purchasing steam from GDC to generate electricity.
该模型简单但具有战略意义：政府通过 GDC 承担高风险的早期工作 — 勘探、 钻探和基础设施开发。然后，IPP 介入建造和运营发电厂，从 GDC 购买蒸汽来发电。
Had this investment come solely from the Exchequer, it would have required diverting funds from other vital sectors such as health, education, or security. The IPP model liberates government resources for such priorities. Attracting private capital into high-impact projects is not just pragmatic—it is essential. The Menengai 105MW project is a textbook example of how intelligently structured public-private partnerships (PPPs) can deliver transformative infrastructure while maintaining fiscal prudence. Furthermore, power from Menengai remains among the most affordable in Kenya, at approximately 7 US cents per kWh.
如果这项投资完全来自财政部，则需要从卫生、教育或安全等其他重要部门转移资金。IPP 模式为这些优先事项释放了政府资源。吸引私人资本参与高影响力项目不仅务实，而且必不可少。Menengai 105MW 项目是一个教科书式的例子，展示了智能结构的公私合作伙伴关系 （PPP） 如何在保持财政审慎的同时提供变革性的基础设施。此外，Menengai 的电力仍然是肯尼亚最实惠的电力之一，约为每千瓦时 7 美分。
By assuming the upfront risk, GDC helps ensure that tariffs remain viable for investors while staying affordable for Kenyans.
通过承担前期风险，GDC 有助于确保关税对投资者来说仍然可行，同时让肯尼亚人负担得起。
Risk Mitigation 风险缓解
To strengthen the PPP model, GDC worked with development finance institutions to mitigate creditworthiness risks. With support from the African Development Bank (AfDB), a Partial Risk Guarantee (PRG) instrument was created—backed by the government—to cover two key risks: non-payment by the power off-taker (Kenya Power) and non-delivery of steam by GDC. The PRG was a critical pre-condition for the Menengai Project Implementation Steam Sales Agreement (PISSA), and its provision was facilitated by the Ministry of Energy and Petroleum.
为了加强 PPP 模式，GDC 与发展金融机构合作，以降低信誉风险。在非洲开发银行 （AfDB） 的支持下，在政府的支持下，创建了部分风险担保 （PRG） 工具，以涵盖两个主要风险：电力承购商 （Kenya Power） 未付款和 GDC 未交付蒸汽 。PRG 是 Menengai 项目实施蒸汽销售协议 （PISSA） 的关键先决条件，能源和石油部为其提供提供了便利。
More recently, the government has considered transitioning from PRGs to instruments provided by the African Trade Insurance Agency (ATIDI). Unlike PRGs, ATIDI’s insurance does not require an escrow account or letter of credit, and Kenya’s status as a shareholder country adds an extra layer of confidence for private investors.
最近，政府考虑从 PRG 过渡到非洲贸易保险局 （ATIDI） 提供的工具。与 PRG 不同，ATIDI 的保险不需要托管账户或信用证，肯尼亚作为股东国的地位为私人投资者增加了额外的信心。
GDC now aims to replicate and refine the Menengai model at Paka and Suswa geothermal fields, this time through even more innovative approaches, bringing on board strategic partners at earlier stages.
GDC 现在的目标是在 Paka 和 Suswa 地热田复制和完善 Menengai 模型，这次是通过更具创新性的方法，并在早期阶段引入战略合作伙伴。
