Kenya: IFC confirms investment in new power plant
6 June 2012
The International Finance Corporation (IFC) has announced that it is to invest as much as Sh3 billion (£22.8 million) in Thika Power in a bid to improve Kenya's energy supplies, The Star reports.
Under the terms of the agreement, the investment for the IFC will be used to help construct a 87Megawatt thermal power plant.
All of the power generated by the plant will be transferred to the national grid, meaning Kenyans throughout the country will see the benefit of the investment.
"Thika and the recent series of independent power projects in Kenya demonstrate how the private sector can help the government meet growing demand for electricity," Jean Philippe Prosper, the IFC's director for east and southern Africa, said.
"The choice of heavy fuel oils will further diversify Kenya's energy sources, making power generation more stable."
In addition to financial support from the IFC, the project is also receiving help from the likes of the International Development Agency and the Multilateral Investment Guarantee Agency.