The objective of the Facility is to encourage public and private investors as well as public private partnerships to develop geothermal prospects for power generation in Eastern Africa by providing grants for two types of activity:
- Surface studies to determine the optimal location of reservoir confirmation wells at the most promising geothermal prospects.
- Drilling and testing of reservoir confirmation wells at the most promising geothermal prospects to assist Developers secure financing for subsequent reservoir confirmation and/or well field development wells.
Herewith GRMF will provide financial support to assist in mitigating the geothermal exploration risk. It is thus expected to improve access to equity or other funding source and thus play a catalytic role in establishing geothermal energy as a strategic option in power expansion planning of the participating countries of Eastern Africa. As a result, reduced risks and costs for early stage geothermal development are expected to encourage the development of further geothermal investments.
Finally, we wish all developers to reach the following stage, after finalizing their surface study and drilling programme projects: