(Yicai Global) Oct. 25 -- Zhejiang Kaishan Compressor Co. [SHE:300257] has obtained a license from Kenyan authorities granting the firm rights to develop a geothermal energy project in the country's 3,543-square-kilometer Great Rift Valley region, the company said in a press briefing yesterday.
The license, valid for 30 years, allows the firm three years to conduct geothermal surface exploration develop power grid infrastructure.
The project is located close to the Kenya-Tanzania border, where the land is flat and boasts infrastructure facilities such as residential areas, roads and transportation.
The potential power generation of geothermal resources in the undeveloped region is expected to reach 800 megawatts.
Kenya is home to some of Africa's richest geothermal resources, while it also suffers from relatively severe power shortages. The government aims to attract investors from abroad to invest in its electricity industry in order to resolve this issue, and is especially interested in developing clean energies, such as geothermal.
Successful procurement of the license will significantly boost Kaishan's profile in the global market, the firm said.