Steel and cement tycoon Narendra Raval has bought Baringo Senator Gideon Moi’s stake in a company that won a lucrative deal to build a 35 MW geothermal power plant in Menengai, Nakuru County.
The billionaire’s Devki Group now fully owns Sosian Menengai Geothermal Power, one of the three firms that State-owned Geothermal Development Company (GDC) awarded exclusive rights to set up a steam plant under a build–own–operate model.
The businessman said the investment in geothermal power plant will top $82 million (Sh8.2 billion) and groundbreaking is slated for mid-March. Construction of the plant is expected to take about 18 months.
Ormat Technologies and Quantum Power are the two other firms selected to build a 35 MW steam power plant each on a public-private partnership basis.
The three firms were picked in mid-2014, but work on the power plants is yet to kick off to date.