Core Viewpoint - Kaishan Co., Ltd. is accelerating its globalization process with the signing of a steam supply agreement for a green ammonia project in Kenya, marking a significant expansion into the green hydrogen and ammonia sectors [1][4]. Group 1: Project Details - The new green ammonia project in Kenya has a total investment of approximately $800 million (about 5.68 billion RMB) and is expected to generate annual revenues between $220 million and $250 million over a 25-year operational period [1][3]. - The project will establish a geothermal power plant with a capacity of 165.4 MW and facilities to produce 100,000 tons of green ammonia annually, with plans to increase total production capacity to 200,000 tons [3]. - The project aims to address fertilizer supply issues for Kenyan agriculture, ensuring food security while protecting the environment by preventing the conversion of forests and wetlands into farmland [2][4]. Group 2: Strategic Significance - This project is set to become the largest agricultural project in East Africa and the largest green fertilizer project in Africa, achieving zero carbon emissions during production [4]. - It represents a major strategic breakthrough for the company, expanding its business into the green hydrogen and ammonia sectors and showcasing its advanced technology and commercial capabilities across the geothermal energy, hydrogen production, and ammonia synthesis value chain [4]. Group 3: Company Performance and Globalization - Kaishan Co., Ltd. has seen continuous growth in its performance, with overseas revenue accounting for 50.21% of total revenue in the first half of 2025, indicating a significant shift towards globalization [1][6]. - The company has established three overseas manufacturing bases and has a presence in major global markets, including the U.S., Turkey, and several countries in Africa and Asia [5][7]. - Since beginning its globalization journey in 2016, the company has transformed into a multinational corporation with a diversified revenue structure, laying a solid foundation for becoming a globally influential company [8].

人民财讯10月27日电，开山股份（300257）10月27日公告，近日，公司位于肯尼亚间接控制的全资子公 司Kaishan Terra Green Ammonia Limited(简称"项目公司")与肯尼亚发电公司(简称"KenGen")签署了《蒸 汽供应协议》，协议约定：KenGen拟向项目公司提供其位于肯尼亚Olkaria地热田现有18口地热生产井 所产出的蒸汽；项目公司将建设并运营地热电站，用从KenGen购得的蒸汽生产的电力通过电解水制 氢，进而生产绿氨及绿色氨基化肥("化肥")。肯尼亚绿氨项目("本项目")规划建设165.4兆瓦的地热发电 厂，并配套可年产10万吨绿氨的化工设施；同时项目公司还计划向肯尼亚国家电网购买低谷时段电力， 将绿氨总产能提升至年产20万吨。 ...

开山股份(300257.SZ)公告称，公司位于肯尼亚的全资子公司与肯尼亚发电公司签署了《蒸汽供应协 议》，项目公司将建设并运营地热电站，用从KenGen购得的蒸汽生产的电力通过电解水制氢，进而生 产绿氨及绿色氨基化肥。项目总投资预计8亿美元左右，年收入预计2.2亿美元至2.5亿美元，经营期限25 年以上。本项目的成功实施，将为公司带来长期稳定可观的现金流，并实现地热绿色能源价值链的延 伸。然而，项目投资金额较大，存在融资风险，且协议的生效取决于相关前置协议的签署，存在一定不 确定性。此外，项目位于海外，可能面临地缘政治、政策变化、汇率波动等风险。 ...