New funds will finance Olkaria IV, Olkaria VI, Olkaria VII, up to VIII and even Olkaria I, unit six geothermal projects
According to Energy and Petroleum Permanent Secretary Joseph Njoroge, the negotiations between KenGen and the government – which is the majority shareholder – “are in the last stages and the outcome will be known soon.”
KenGen targets to raise a total of Sh30 billion, with Sh15 billion coming from the rights issue while the rest through government means, yet to be decided.
The Rights Issue is expected to finance new projects comprising mainly a mix of geothermal and wind energy, to boost KenGen’s power generation capacity in the next three years.
“We have now commissioned 280 MW at Olkaria. Our next project is Olkaria IV, Olkaria VI, Olkaria VII, up to VIII and even Olkaria I, unit six which has 70 MW,” KenGen Managing Director Albert Mugo explained.
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