Oilfield Equipment Manufacturer Jereh Group Wins USD94.5 Mln Kenya Geothermal Power Plant Contract
Yicai Global
DATE:  Jul 28 2017
/ SOURCE:  Yicai
Oilfield Equipment Manufacturer Jereh Group Wins USD94.5 Mln Kenya Geothermal Power Plant Contract Oilfield Equipment Manufacturer Jereh Group Wins USD94.5 Mln Kenya Geothermal Power Plant Contract

(Yicai Global) July 28 -- Chinese oilfield equipment manufacturer Yantai Jereh Oilfield Services Group Co. [SHE:002353] has successfully bid for a geothermal power plant project in Kenya with the offer price of USD94.5 million.

Yantai Jereh's parent company, Jereh Group, said in a statement yesterday that a consortium established by its wholly-owned subsidiary, Yantai Jereh Oilfield Services, and its Kenyan partner, H-Young & Company (East Africa) Ltd. won the contract to build two sections of a wellhead geothermal power plant in Olkaria, with the total bidding price of USD94,5 million.

The contracts involve plant design, procurement, construction and funding, and the project will last 20 months, per the statement. Plant design, procurement and construction will be carried out independently by the consortium, and funding will be provided by Industrial and Commercial Bank of China [SHA:0601398] and Standard Bank of South Africa (Kenya), the statement added.

The project owner, KenGen, is the largest publicly traded state-owned power company in Kenya and H-Young is a local construction company. It will be responsible for civil engineering at the plant. Jereh Group said it concluded the deal in line with its clean energy development strategy.

Follow Yicai Global on
Keywords:   MSCI,Kenya,Geothermal Power Generation,BELT AND ROAD,Africa,Green Energy,Project