KenGen CEO Albert Mugo said the projects include the rehabilitation of Olkaria 1, Olkaria 1 unit 6, Olkaria V and VI in southwest Kenya, which have a total capacity of 501 MW. Mugo told an investor briefing in Nairobi that about 50% of the funding needs have already been covered.
The energy company will raise USD 330 million through a rights issue in order to fund the production of additional electricity. Mugo said KenGen is now seeking an adviser for the deal.
The Rights Issue may kick off from August this year and not in June as earlier anticipated.
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