A Kenyan gold explorer is the latest investor seeking to get into power production with the planned construction of a 140 megawatts (MW) geothermal plant in Turkana County.
Olsuswa Energy, a company owned by Mayfox Mining’s chairman Manga Mugwe, is seeking to construct the power plant at a cost of $402 million (Sh42.8 billion), with planned transmission into the national electricity grid.
Most of the capital outlay is expected to be in the form of debt from development finance institutions including Denmark’s DI Frontier Market Energy & Carbon Fund.
The energy firm says it will begin exploratory work in the first quarter of 2016, drilling a year later and planned transmission of the first phase of the 70MW expected to happen in 2022.
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The Kenya Electricity Generation Company (KenGen) board has approved a rights issue to raise billions of shillings for its energy projects.
The power producer said it would seek investors’ approval to issue up to 7.8 billion shares, reversing last year’s decision to issue up to 2.2 billion ordinary shares. KenGen has previously said it would raise Sh28 billion.
Company secretary Rebecca Miano said the board’s resolution on the cash call now awaits the approval of the firm’s shareholders at an annual general meeting to be held in December 16.
Further approvals are expected from the Capital Markets Authority and the Nairobi Securities Exchange (NSE).
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