M a r k e t N e w s
EU gives out Sh13.9 billion for geothermal generation
Posted on : Friday , 7th October 2016
The European Union has donated about Sh13.94 billion (123 million euros) for geothermal exploration in Kenya, head of European Investment Bank Catherine Collin has said.
Speaking yesterday during a site-visit to Olkaria VI in Naivasha , Collin said the bulk of the funds will expand the 70-megawatt project whose works are set to begin in January.
During the visit, the EU delegation praised the country for its commitment to renewable energy exploration and promised more support.
Collin said other investment banks had co-financed the power project. She said the EU had in the past supported Kengen in various power projects and the partnership will continue.
“The 123 million euros grant will come from various financiers and its part of assisting the country increase its renewable energy across the country,” she said.
Collin said the bank had also supported the ongoing Lake Turkana wind power project at a tune of 225 million Euros.
“Other sectors that have benefitted from the European Investment Bank include roads and water as part of improving the livelihood of Kenyans,” she said.
KenGen managing director Albert Mugo said the European Investment Bank and other co-financiers had previously used 500 million euros (Sh56.66 billion) in various power projects in the country.
“Geothermal continues to be the leading contributor of power in the country at 48 per cent followed by hydro at 38 per cent,” he said.
Source : www.the-star.co.ke
