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General Electric (GE) has announced plans to invest US$100mn into the power generation sector in Kenya over the next 12 months
The company said that the funding would be directed towards the construction of two wind power projects that will boost power generation and supply to the national grid.
The two projects to be constructed in the Kenya Rift Valley town of Kinangop and will have the capacity to generate about 150MW.
According to GE president in charge of Africa, Jay Ireland, the company had been engaging the Kenyan government in negotiations for the required Power Purchase Agreement (PPA) before the project won approval.
The government was being represented by the national power distributor Kenya Power in all negotiations in this regard, according to GE.
“Our negotiations with Kenya Power are at a very advanced stage and the groundbreaking could come as early as the beginning of next year. The negotiations are centering on the requisite PPA,” said Ireland, who added that the project could be completed by the close of 2013 if all goes to plan.
The success of the first project, according to Ireland, will aid the company’s projection of putting up other projects with a goal of producing some 1,000MW in the next two years.
Other investment opportunities being eyed by the multinational include the railway sector where the African president said the company will be working in conjunction with the Rift Valley Railways.