Geothermal Development (GDC), Kenya's state-owned power firm, has invited tenders for the development of eight steam power stations at the Bogoria-Silali block in north-western Kenya.
The 100MW power stations will be developed in July 2011 and will be completed by 2017.
GDC plans to fund the development of steam deposits in partnership with investors.
The company will treat the investors' funds as a loan to be repaid through revenue from the sale of the steam.
The Kenyan Government will not provide sovereign guarantees for the investment, and the firm advised investors to use other alternatives such as the Multilateral Investment Guarantee Agency for covering risks.
The investors will also need to negotiate a power-purchase agreement with state-owned Kenya Power & Lighting and gain a generating licence from the Energy Regulatory Commission.
Tenders should be submitted by 8 August.