Not only does it already exist, it's cheap enough that Kenya has some and wants more: https://en.wikipedia.org/wiki/Geothermal_power_in_Kenya
Judging by the price tag of 9.1 Ksh/kWh listed on https://en.wikipedia.org/wiki/Energy_in_Kenya (and looking up historical exchange rates because of the date of the link and their persistent inflation), that's about 0.085-0.090 USD/kWh.