Kenya’s 300MW Bogoria Silale geothermal power plant is being built in exchange for the settlement of a €60 million loan that Kenya owes Germany, as the country’s first debt for climate swap. Debt-for-Climate Swaps are an agreement between a sovereign and its creditors to reallocate a portion of debt toward investments in climate action. A report by the AfDB reveals Germany will forgive the debt if Kenya completes the project.
