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KaiShan Corporation: Recovers $57 million final payment for Kenya project
On November 7th, Jinshi Data announced that its wholly-owned subsidiary, Kaishan Renewable Energy Development Co., Ltd., and its Kenyan subsidiary recently received a remaining EPC contract payment of $57 million for the Sosian Menengai Geothermal Project in Kenya. The project started in April 2019 with a total contract price of $68 million, including the original contract amount of $65 million and an additional $3 million from the supplementary protocol. The project was launched in October 2021 and the units will be gradually connected to the grid by June 2023. On November 6th, 2023, the project has been put into full commercial operation. As of the announcement date, the relevant payment has been fully recovered and settled.