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KenGen seeks funding of $350 million for expansion work

OLK02 wellhead plant of GEG at Olkaria in Kenya (source: Green Energy Group)
Alexander Richter 4 Mar 2014

To fund its ambitious expansion plans, Kenya Electricity Generating Company (KenGen) is planning to raise up to $350 million until June of 2014, with half of it expected to come from a rights issue and the other half from the Kenyan government.

Kenya Electricity Generating Company (KenGen) is seeking for funding of 30 billion Kenyan shillings (around $350 million) to fund its planned expansion of power generation capacity, according to Reuters.

The company is looking to raise the money by June this year, so the its CEO Albert Mugo in an interview with Reuters. KenGen is currently driving an ambitious capacity expansion program with several geothermal projects underway.

Half of the money is expected to come from a rights issue, the other half is to come from the Kenyan government.

Earlier this year KenGen reported shareholder approval for capital raising plans.

Source: Reuters