KenGen to Raise Energy Projects Funds
Energy company Kenya Electricity Generating Co. said it intends to raise US$280 million for new power plant and infrastructure projects in Kenya, according to listings with the country’s market regulator.
The investment will be used to construct geothermal and wind power developments in the country and is expected to drive project cargo demand in the region.
The Kenyan Capital Markets Authority granted KenGen approval to undertake a rights issue to raise the funds and the firm is expected to list more than 4 billion additional ordinary shares.
The government aims to cut the cost of electricity by half over the next four years to meet growing power demand that is forecast to reach 15 gigawatts in Kenya by 2030. As a result there has been strong investor interest in constructing new power plant projects as well as fuel infrastructure both of which have strengthened breakbulk opportunities in the country.
Photo: KenGen intends to raise US$280 million. Credit: KenGen
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