Kenya to see creation of new geothermal power plant as funds are raised

01/12/2011 - Kenya property & investment news Posted by Neil King
Kenya to see creation of new geothermal power plant as funds are raised

Kenya is set to see the creation of a new 280 megawatt geothermal power plant in the future after the company set to run it said that funds have been raised for its creation.In news that could interest Kenya property investors as more jobs are created, the Keyna Electricity Generating Company (KenGen) said that around $930 million has been put together from loans.Costing around $1 billion in total, the plant will be an extension of the Olkaria I and II plants, Reuters reports, while it is set to be in operation from 2014.Edward Njoroge is quoted by the news provider as telling delegates at a regional energy conference in Yaounde, Cameroon: "We have just accessed some $920 million concessionary funding for a 280 MW geothermal project."Meanwhile, properties in Kenya could be about to benefit after oil marketer Hashi Energy said that it is looking into potential long-term deals with real estate agents to provide cheap cooking gas in the future.