KenGen of Kenya Secures JICA Loan for Geothermal-Power Plant
- Loan helps fund plan to more than double generating capacity
- Shares head for biggest gain in more than three months
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Kenya Electricity Generating Co., the country’s biggest power producer, said it will receive a $387.2 million loan from the Japan International Cooperation Agency to fund the construction of a geothermal power plant.
The loan agreement will be signed next month, when the company plans to tender for construction of the Olkaria 5 facility, about 70 kilometers (44 miles) northwest of the capital, Nairobi, Chief Executive Officer Albert Mugo said in an e-mailed response to questions Thursday. Construction is expected to begin in the third quarter and power from the plant will be added to the national grid by 2018, it said.