KenGen gets EIB loan for 280 MW geothermal project

(ADPnews) - Dec 17, 2010 - State-owned Kenya Electricity Generating Co (NBO:KGEN), or KenGen, will develop its 280 MW geothermal power plant thanks to a loan provided by the European Investment Bank (EIB) and French Development Agency.

According to the country's minister of finance Uhuru Kenyatta, the project will include geothermal wells, steam field development, as well as transmission lines and a substation.

The EIB has previously financed KenGen's project regarding the expansion of the Olkaria II geothermal plant by 35 MW, as part of a EUR 260 million (USD 344m) development aid package towards the renewable energy projects in east Africa.

(EUR 1.0 = USD 1.324)

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