Kenya:

Kengen to Raise Funds for Expansion (AllAfrica)

Kenya Electricity Generating Company (KenGen) plans to quantify the value of geothermal gases in its fields and use the assets to issue a bond to fund expansion. Outgoing managing director Eddy Njoroge said the idea is to value its steam assets to guarantee capital for long term investments.

"We are looking to do asset backed security and we just appointed advisors to look at what value there is that can be securitised," said Njoroge. "We are not sure how much but it could between Sh20 billion and Sh30 billion."

He said the money raised from the bond issue will be used to fund projects to generate an additional 1,500 MWe between now and 2018. He was speaking on the sidelines of an extraordinary general meeting of the bond holders of the cash call issued in 2009.

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