AFRICA'S TOP GEOTHERMAL POWER COMPANY TO INCREASE CAPACITY 44.2%

Kenya Electricity Generating Company Ltd (KenGen), Africa's top geothermal power generating company, is soon to increase its capacity 44.2% from current 1630 MW.

This is because it has finally concluded plans to raise all of the 2,300.4m Ksh needed for the upgrade.

On December 16, 2015 shareholders had approved a rights issue to raise the money and the issued eventually came on the Kenyan capital market in June last year.

It ended up being 92.01% subscribed leaving the needed amount short .

Now according to notice from the managing director, Eng Albert Mugo, an agreement has been signed with Public Investment corporation SOC ltd to take up the outstanding shares. PIC represents government employees pension fund

The deal has been approved by the government of Kenya which after the initial rights take held about 73% of KenGshares   This will now be watered down to 70%.

KenGen was established in 1954 and is the largest geothermal power generator in Kenya, East Africa and Africa and, says Mugo, the 7th globally.

It is reportedly the only company in Kenya environment friendly enough to earn carbon asset funds under clean development mechanism.

It is run by a 13 member board of directors headed by an independent director, Joshua Choge as chairman. It was quoted on the Nairobi stock exchange when the exchange took off in 2006.


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