Aqua Power worked together with Symbion Power LLC (Symbion) via a Joint Development Agreement (JDA) to develop a 35MW Geothermal Power Plant at Menengai Crater in Nakuru County, Kenya. Aqua Power and Symbion sold 100% of the Project to Kaishan Renewable Energy Development Co. Ltd (KRED) in December 2023. Aqua Power and Symbion sold the Project to KRED as shovel ready having successfully completed all of the Project development work including a 25 year Power Purchase Agreement (PPA) with Kenya Power & Lighting Company Limited (KPLC); a Project Implementation & Steam Supply Agreement (PISSA) with the Geothermal Development Company (GDC); a Generation License from the Energy & Petroleum Regulatory Authority (EPRA); an approved Environmental & Social Impact Assessment (ESIA) from the National Environment Management Authority (NEMA); Grid Connection from the Kenya Electricity Transmission Company Limited (KETRACO); Steam Gathering System from GDC; Access roads and all local permits and licenses in place.

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Aqua Power and Symbion worked together on the geothermal power Project via OrPower Twenty Two Limited (OTTL) being a Special Purpose Vehicle (SPV) registered in Kenya to undertake the Project. The total Project cost was budgeted at USD 100 million (including contingencies) with a 70:30 debt to equity split. The steam gathering system consists of a network of pipelines of insulated 900mm steel pipes covered with painted aluminium plating, with over 25km of pipelines laid and fully commissioned. The 132KV transmission line built to evacuate power from the Project runs 12.6km connecting to the national grid at Solio. A new 132KV substation was constructed at Menengai and the existing substation at Soilo expanded to meet the needs of the Project.

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The Menengai Geothermal Power Project is a Flagship Project for Kenya providing renewable and dependable baseload power generation. Geothermal power is least cost with Menengai ranking as the lowest cost Independent Power Producer (IPP) in Kenya with an all-in tariff of 7 US$c/Kwh. The Project provides an affordable solution to allow transition away from fossil fuels for Kenya. In particular, expanding geothermal power production at Menengai allows for the switch from expensive and polluting Thermal Power Plants running on Heavy Fuel Oil (HFO). The Menengai Project has strong contractual payment risk mitigation measures in place such as a Letter of Support (LoS) from the Government of Kenya and World Bank Partial Risk Guarantee (PRG). Future expansion possibilities exist including the granting of future concessions within Menengai 1 Stage II (60MW) and Menengai 2 (300MW).