“Geothermal projects are capital-intensive and our balance sheet cannot support all the projects that we would wish to have,” Mugo said in an interview today in Nairobi, the capital. “That’s the reason we are going to form joint ventures where we shall provide only 30 percent of the equity while the remaining amount will be financed by our partner.”
The company, which is known as KenGen and is 70 percent owned by the government, has the ability to produce 1,252 megawatts, or 75 percent of the country’s installed capacity. It plans to add a further 844 megawatts to the national grid by 2017. By 2030, the nation wants 5,530 megawatts of electricity, or 26 percent of planned capacity, to be from geothermal sources.
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