Kenya Power Company has secured a KES 16.8 billion (USD 200 million) loan deal from the World Bank‘s International Finance Corporation (IFC) to invest in its grid.
The Power company will use the loan to implement 42 power projects which will involve construction of new sub-stations and upgrade of distribution lines within the National Grid. Kenya Power’s Chief Executive Joseph Njoroge told Reuters that KES 4.2 billion (USD 50 million) has been received already and will be used within Nairobi metropolis, where power outages are almost the order of the day due to generation shortfalls and a dilapidated grid.
The projects will thus enhance improved quality and efficiency of power supply as well as stabilising power voltages while still putting up with the increasing demand.
Kenya Power crossed the 2 million customer line in June this year and targets connecting 200,000 new customers to the grid each year.