Geothermal Development Corporation is one of the heavily funded corporations in this country . They have received a tune of Billions with no productivity at all. Now, the management has decided to lie to Kenyans and give them false hope. The dream of 5000 MW is a complete impossibility if there is no change of the leadership at GDC . Here is how GDC Has been heavily funded.
In April 2010 the govt Borrowed from China EximBank an amount of USD 95.4 Million which was for Drilling of Wells for GDC
In 2011 the Govt Borrowed from Kreditanstalt Wiederaufbau of Germany a Loan of USD 16 Million for Drilling at Olkaria wells
In 2010 Again the Govt borrowed from French Development Agency a Loan of USD 70 Million for Drilling and Capacity Development by GDC
In the same year 2010 the Govt got a GRANT from European Investment Bank USD 36million for Drilling Materials.
In 2012 the Govt borrowed from Africa Development Bank a Loan USD 120 Million for GDC to carry out Drilling and capacity Building
In total the loans borrowed for drilling purposes are as follows (16+95.4+70+120= 301.4 Million USD) ..Use an Exchange rate of Kshs 85 GDC
Apart from the LOAN from Africa Development Bank we have as a Govt Received all the other loans 100%. 57% of the AfDB has been received GDC
Despite the huge funding, GDC has terribly and miserably failed. Word has it that whenever there are visitors to see the progress, Olkaria drilling Site Engineers used to pump water in the Wells to “ARTIFICIALLY” show the Visitors that the Wells are functioning.That means we need an independent engineer to be frequently checking the Wells.
Another fact is that there have been leadership wrangles and this corporation will not function at all no matter how much poor Kenyans Inject.
If you know anybody who works at GDC, Call them and ask how much they have been able to produce with those Billions !
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