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| KenGen managing director and CEO Rebecca Miano. PHOTO | SALATON NJAU | NMG |
The World Bank will provide up to Sh18 billion ($180 million) to Kenya Electricity Generating Company (KenGen) in the form of risk guarantee allowing it to attract long term capital for its renewable energy development projects.
KenGen said on Monday the World Bank’s approval will also enable it raise up to Sh30 billion ($300 million) in long term commercial financing to be used to refinance its existing commercial loans.
“Our focus is on renewable energy especially wind and geothermal sources and the World Bank Guarantee Project will enable us scale up our investment in energy development and help Kenya achieve middle-income economy status by 2030,” said KenGen managing director Rebecca Miano in a statement.
KenGen plans to add 1,745 MW of electricity from geothermal sources by 2025, part of a government push to end power generation from fossil fuels.