Kenya's electricity company eyes 'green bonds'

The Kenya Electricity Generating Company (KenGen) says it may issue a green bond as part of its push into renewable energy sector.

The company said it could become the first company to take advantage of the government’s so-called “green bond” initiative.

A financial mechanism is expected next week specifically aimed at boosting private investment in renewable energy.

“The fact that geothermal energy is our priority somehow mitigates the effects of declining hydrology and our successful geothermal strategies and you can see that we don’t have power outages or rationing because we are able to fill the void’‘, said KenGen CEO, Rebecca Miano.

Green bonds help to finance projects in the renewable energy, energy-efficiency, green transport and wastewater treatment sectors.

KenGen is 30 percent owned by private investors and 70 percent by the state.

The company, which supplies 70 percent of Kenya’s electricity, has shifted its focus in recent years.

Reuters