KenGen will probably take a minority stake in Olkaria VI, the plant it expects to begin building in 2018, as it tries to step up generating capacity to meet at least half of the East African nation’s requirements, Finance Director John Mudany said Wednesday in an interview in the capital, Nairobi.
“We could take up 49 percent equity and we hope this will help us attract private investors,” Mudany said. “This is a new instrument we want to pioneer. If it works, we might apply this model on future projects.”
KenGen wants to more than double its generation capacity to 4,270 megawatts by 2025, via plants at geothermal wells Olkaria VII and VIII, Chief Executive Officer Albert Mugo said in a separate interview. KenGen could also partner with the Geothermal Development Co., a state-owned entity that is developing geothermal resources, Mugo said.
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