UBA
UBA

Kenya’s electricity distributor, Kenya Power, on Monday secured 10 million U.S. dollars from the United Bank for Africa, Kenya (UBA Kenya) as part of a 5-year syndicated loan to finance energy infrastructure in the country.

UBA
UBA

UBA Kenya Managing Director Isaac Mwige said the financing will be deployed by Kenya Power in upgrading and expanding of its power infrastructure in readiness to evacuate the planned additional 5000 MW to be generated by 2017.
“We are proud of our achievement today and reiterate our commitment to the betterment of all Kenyans whom we are happy to serve,” Mwige said in Nairobi.
“Vision 2030 remains a key agenda in our lives as Kenyans. UBA Kenya believes that through financing projects such as this, we will create a positive impact in our society and in turn provide a richer and more deserving quality of life for all Kenyans,” he added.
Kenya Power CEO Ben Chumo said the financing will help speed up the implementation of ongoing and planned electricity projects in different parts of the country.
“Timely completion of these capital intensive projects is critical in ensuring long-term viability of Kenya Power business as well as in making the country an attractive investment destination,” he said.
The 10 million dollars will be used by the distributor to upgrade and expand its infrastructure. The company expects to replace aged lines with those that have a larger capacity, upgrade its existing substations, build 37 new substations, and install new equipment on the power grid. Enditem

Business24

Source: Xinhua

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