Miner ventures into power generation with 140MW plant

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Category: Power & Energy

Published on Monday, 30 November 2015 09:45

Written by Super User

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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.

Read more: Miner ventures into power generation with 140MW plant

KenGen approves rights issue to raise billions for energy projects

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Category: Power & Energy

Published on Thursday, 12 November 2015 05:02

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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).

Read more: KenGen approves rights issue to raise billions for energy projects

Kenya ranked among top ten countries in renewable energy investments

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Category: Power & Energy

Published on Tuesday, 24 November 2015 10:09

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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.

Read more: Kenya ranked among top ten countries in renewable energy investments

US$ 10.8m agreement signed for renewable energy projects in Kenya

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Category: Power & Energy

Published on Thursday, 05 November 2015 11:36

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Chase Bank and the French Development Agency have signed a US$ 10.8m loan to finance renewable energy projects in Kenya.

Chase Bank Chief Executive Paul Njaga confirmed the reports and said that the money will be lent to businesses that want to invest in renewable energy technologies projects such as small hydro, biomass, biogas, solar, geothermal and other energy efficient measures.

“This is a 12-year facility and will therefore address long term funding requirements in energy projects. The total committed amount is US$ 10.8m of which some amount will be available immediately for lending,” he said.

Read more: US$ 10.8m agreement signed for renewable energy projects in Kenya