Core Viewpoint - Kaishan Holdings (300257) has signed a steam supply agreement with KenGen for its geothermal project in Kenya, aiming to produce green ammonia and green fertilizers through hydrogen production from geothermal energy [1] Group 1: Project Overview - The project company, Kaishan Terra Green Ammonia Limited, will construct and operate a geothermal power plant with a planned capacity of 165.4 megawatts [1] - The facility is designed to produce 100,000 tons of green ammonia annually, with plans to increase total production capacity to 200,000 tons by purchasing off-peak electricity from the national grid [1]

Core Viewpoint - The company has signed a steam supply agreement with Kenya Power for a geothermal power plant project in Kenya, which aims to produce electricity for hydrogen production and subsequently green ammonia and green fertilizers [1] Investment and Revenue Potential - The total investment for the project is estimated to be around $800 million, with expected annual revenue ranging from $220 million to $250 million [1] - The operational period of the project is projected to exceed 25 years, indicating a long-term revenue stream [1] Strategic Importance - Successful implementation of the project is expected to provide the company with stable and significant cash flow, while also extending the geothermal green energy value chain [1] Risks and Uncertainties - The large investment amount presents financing risks, and the effectiveness of the agreement is contingent upon the signing of related preliminary agreements, introducing a degree of uncertainty [1] - The overseas nature of the project may expose the company to geopolitical risks, policy changes, and exchange rate fluctuations [1]