KenGen seeks Sh360b for ambitious power plan
Updated Tuesday, August 13th 2013 at 22:42 GMT +3
Naivasha, Kenya: Kenya Electricity Generating Company ( KenGen) needs to raise over Sh360 billion in the next four years to finance its ambitious plan to add 1,000 megawatts (MW) to the national grid annually.
KenGen acting Managing Director Simon Ngure said the company wants to produce an extra 3,000MW over the next three years.
He said that the project would see the cost of power drop and also address the increasing demand for electricity in the country.
“We have a plan to produce an additional 1,000mw per year for the next three years and we require US$4.2 billion (Sh367 billion) for this mega project,” he said.
The MD said the first phase of the project would be ready by December while the second phase would be complete by September 2014.
He said that plans for a further 560MW of power from geothermal sources were on, adding that they expected 700MW from the Olkaria area in four years. “We have all the funds we need for drilling but the biggest challenge we have now is construction of a power plant and we are talking to our financiers,” he said.
Ngure was addressing the press after the Senate Committee on Energy, Roads and Transport visited the geothermal rich Olkaria area of Naivasha.