Chase Bank gets Sh3bn loan for green projects

Chase Bank has received a Sh3 billion loan from Global Climate Partnership Fund (GCPF) for environmental friendly energy projects.

The eight year loan, which has the option of rising to Sh4.5 billion, will be used for small-scale renewable energy projects which are on the rise as corporates look for alternatives to unpredictable power outages.

Chase Bank said it already had several potential projects and will start to disburse financing before the end of the month.

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Kenya ranked among top ten countries in renewable energy investments

Kenya has been ranked among the top ten countries in the world that have made significant investments in renewable energy.

According to a report released by Bloomberg New Energy Finance on Monday, Kenya was ranked sixth in a global list of key emerging markets which together attracted Sh12.9 trillion ($126 billion) worth of investments in clean energy last year.

This represented a growth of 39 per cent compared to the previous year.

Data from the Energy Regulatory Commission (ERC) shows that geothermal power consumption rose to a record high of 402.1 million units in October accounting for nearly half of the country’s total consumption.

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Miner ventures into power generation with 140MW plant

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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KenGen approves rights issue to raise billions for energy projects

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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