In East Africa, Chase Bank and the French Development Agency (AFD) on Tuesday issued a €10 million ($10.85 million) loan agreement to finance renewable energy projects in Kenya.
Chase Bank chief executive Paul Njaga said funds will be made available to businesses that want to invest in renewable energy projects, reports The Star news website.
Njaga said: “This is a 12-year facility and will therefore address long-term funding requirements in energy projects. The total committed amount is €30 million (Sh3.37 billion), of which €10 million will be available immediately for lending,” he said.
AFD’s regional director Boudot Yves said the credit line also comes with a technical assistance programme that will be managed by the Kenya Association of Manufacturers.
“This technical and financial offer is particularly important to bring additional solutions to achieve the diversification of energy resources in the East African region and help the region to transition towards sustainable energy solutions that are technically, economically and financially viable,” he said.
Power lines theft
In other East African power news, power distribution officials in Masaka, a sub-region in Uganda, have raised concerns over the widespread theft of wires, which is disrupting their operations.
During inspections on the Kingo power line in Lwengo District on Monday, regional engineer Henry Kateregga of distribution network company Umeme told The Daily Monitor that several metres of copper wires and transformers have been vandalised.
Kateregga said the most affected powerlines include Kaswa, Kiwangala and Makondo where copper wires, measuring more than 200 metres have been vandalised.
According to Umeme 2013 records, the company spent an estimated Shs2.2billion ($64, 141,000) to replace more than 65 transformers that were vandalised in the districts of Masaka, Mbarara, Mubende, Bushenyi, Mityana Kabale, as well as Rukungiri.
The Umeme manager for western region, Isaac Katewanga, has pleaded with the public to help in protecting the installations.