Kenya on track to boost geothermal energy generation
Kenya has invited bids for construction of two new geothermal plants as part of the country's plan to boost electricity production by 5000MW in three years. The new plants, with a capacity of 60MW, will be completed by the end of 2014 and is part of several projects designed to tap into Kenya 10,000 MW geothermal power potential, according to Oxford Business Group's most recent economic update on energy.
Kenya Power to connect one million people in 2014
Kenya Power plans to connect one million additional customers to the national grid this financial year representing 36 percent growth in its customer base, the Company’s Managing Director Dr. Ben Chumo says. Dr Chumo said the Company will build on last year’s success to accelerate the rate of connections which saw the company record 443,000 new customer connections up from 307,000 recorded the previous year.
Kenyan Coal Power Contract Raises Centum Stock
East African investment firm, Centum last week experienced a ground breaking increase in its share price, closing the week at Sh55.50 ($0.63).
The local investors bullish run came after the firm clinched a Sh184 billion ( contract to set up a 96MW coal plant in Lamu.
Kenya's Power Shortage Problem Meets Innovative Finance
A new era of electricity production and distribution is set to open in Kenya after the World Bank Board of Directors endorsed an innovative way to deploy Bank Group instruments and leverage private sector investment to help meet Kenya’s urgent power generation needs.
The Kenya Private Sector Power Generation Support Project will help bring a reliable power supply to Kenyans in their day-to-day lives, as well as to manufacturing and service companies that help the economy grow and create jobs.
In a country hard-pressed to finance such major infrastructure investments, the key was to mobilize financing from the private sector, initially hesitant to invest in the energy sector in the country. A US$166 million series of Partial Risk Guarantees was put in place to reassure commercial financiers concerned about the state-owned electricity utility and its obligations towards them.
