July 12 (Renewables Now) - Power company KenGen is looking to secure financing to the tune of KES 5.7 billion (USD 56.6 million/EUR 48.4 million) to finance the construction of its first photovoltaic (PV) power plant, Nairobi-based Business Daily reports.
The company has approached several lenders, including the World Bank, French Development Agency (AFD) and KfW of Germany – the traditional lenders for the state-owned power firm, the daily said on Wednesday.
If secured, the funds will be used for the development of a 45 MW PV plant known as the Seven Forks Solar project. It will be located near the Seven Fork Hydroelectric power complex in Mbeere South, Embu County, approximately 160 km northeast of Nairobi.
KenGen currently manages all public power generation facilities in Kenya and is the largest power producer in the country. It operates a total of 26 generation plants with an installed capacity of 1,631 MW, out of which half is hydropower (818 MW), followed by geothermal (534 MW), thermal (254 MW) and wind (25 MW).