KenGen managing director and CEO Rebecca Miano. PHOTO | SALATON NJAU | NMG
The World Bank will provide up to Sh18 billion ($180 million) to
Kenya Electricity Generating Company (KenGen) in the form of risk
guarantee allowing it to attract long term capital for its
renewable energy development projects.
renewable energy development projects.
KenGen #ticker:KEGN said
on Monday the World Bank’s approval will also enable it raise up to Sh30
billion ($300 million) in long term commercial financing to be used to
refinance its existing commercial loans.
KenGen
managing director Rebecca Miano said this will allow the State-run firm
to build on Kenya’s gains that have diversified the energy mix and
“significantly improved electrification bringing much needed energy to
millions of households and businesses.”
Renewable energy
“Our
focus is on renewable energy especially wind and geothermal sources and
the World Bank Guarantee Project will enable us scale up our investment
in energy development and help Kenya achieve middle-income economy
status by 2030,” said Mrs Miano in a statement.
KenGen
plans to add 1,745 megawatts (MW) of electricity from geothermal
sources by 2025, part of a government push to end power generation from
fossil fuels.
Kenya has an installed generating capacity of 2,370 MW and peak demand of about 1,770 MW.
Of
this, KenGen, which is 70 per cent owned by the government, has an
installed capacity of 1,631 MW, with 533 MW from geothermal.
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