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Envisaged Transaction Structure

CONFIDENTIAL. Development of 560MW Geothermal Project. Envisaged Transaction Structure. Disclaimer:.

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Envisaged Transaction Structure

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  1. CONFIDENTIAL Development of 560MW Geothermal Project Envisaged Transaction Structure Disclaimer: No part of this report may be circulated, quoted, or reproduced for distribution without prior written approval from KenGen. All the information contained herein was prepared for information only.

  2. 1 OPTION 1: JOINT VENTURE (JV) FRAMEWORK SSA – Steam Supply Agreement PPA – Power Purchase Agreement PRG – Partial Risk Guarantee GoK – Government of Kenya DFIs – Development Financial Institutions SteamSupplier (KenGen) GoK Comfort Letter Explicit Guarantee Long-term SSA Explicit Guarantee World Bank - PRG Operations & Maintenance (O&M)Contractor O&M Contract Special Purpose Vehicle (SPV) Long-term PPA Off-Taker (Kenya Power) EPC Contract Engineer, Procure & Construct (EPC) Contractor Equity (with KenGen portion) Debt Investors • Local • Foreign • Lenders • DFIs • Commercial Banks Source: KenGen; TMO

  3. 2 OPTION 2: ENERGY CONVERSION AGREEMENT(ECA) FRAMEWORK BOOT – Build Own Operate Transfer PPA – Power Purchase Agreement SSA – Steam Supply Agreement Steam Supplier (KenGen) Long-term PPA Explicit Guarantee Explicit Guarantee BOOT Agreement Long-term SSA Energy Converter Off-Taker (Kenya Power) Source: KenGen; TMO

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