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Kenya Power has secured a US$10mn loan from United Bank for Africa, as part of a five-year syndicated agreement to finance energy infrastructure in the East African nation
The funds would be utilised for upgrading power infrastructure, including planned electricity projects meant for various parts of the country, said Kenya Power CEO Ben Chumo. According to the CEO, the funds would be used to refurbish used transmission lines, upgrade existing sub-stations, build 37 new sub-stations and install new equipment.
Kenya has plans to add an additional 5,000MW to the grid by 2017 and the new loan would aid with the maintenance work on various power plants, said United Bank for Africa managing director Isaac Mwige.
In addition to the refurbishment plan, Kenya Power has also released a tender for local manufacturing firms to plan the country’s electricity expansion initiative.