First unit of Olkaria IV (140 MWe) is expected to be commissioned in December and the second Unit by March 2014
The Kenya Electricity Generating Company (KenGen) has posted an 86 percent increase in profit after- tax in its full year results from Sh2.8 billion in 2012 to Sh5.2 billion for the year ended June 2013.
KenGen Managing Director Simon Ngure announced that their assets base grew by 16 percent to Sh188.6 million from Sh163 million in the previous year attributed to development projects namely Geothermal Wellheads - 65 MWe, Olkaria 1 and IV power plants - 280 MWe and drilling of 80 wells for the 560 MWe projects.
"Non-current liabilities increased from Sh77.9 billion to Sh96.8 billion due to new loans received for Olkaria 1 and IV, drilling of the 80 wells project and rigs," he said. He said that cash balances increased by 81 percent from Sh436 million to Sh3.9 billion due to funds received from financiers of the ongoing Olkaria Geothermal 280 MWe project.
Ngure said that the implementation of the flagship Olkaria I and IV 280 MWe plant is on course. "The first unit of Olkaria IV - 140 MWe is expected to be commissioned in December and the second Unit by March 2014," he announced.
He says that the drilling of 80 wells for the 560 MWe geothermal power projects is also on course.
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