M a r k e t N e w s
Kenya Power Gets $190m Loan To Boost Local Energy Supply
Posted on : Thursday, 20th November 2014
Kenya Power and Lighting Company (KPLC) has secured a $190 million loan from Standard Chartered Bank to boost production as it seeks to meet the power demands of East Africa’s largest economy.
The loan will be used to upgrade the company’s transmission network to support the country’s ageing grid.
“Kenya Power will use the funds to make huge investments in acquisition of additional transformers and other construction materials in the next one year,” Managing Director, Ben Chumo said.
According to him, these materials will be used to construct new substations and power lines. It will also be used to boost the power network capacity and improve quality and reliability of power supply to customers.
Kenya hopes to increase its energy capacity by 5,000 MW before 2017. This move is in response to the growing demand for energy in East Africa’s leading economy. Kenya Power revealed in its full year report posted last month that electricity sales grew by nearly 10 percent.
Chumo said the upgrade plan will provide power for an additional 1 million customers including industrial, commercial and domestic users.
Kenya power is currently the biggest electricity distribution company in Kenya. It currently serves about 2.8 million customers.
Source : energy mix report
