9 March 2009 – A US$150 million investment into the Kenyan power industry has been hailed as the ‘largest, single private sector investment’ in the power sector by Kenyan vice president, HE Kolonzo Musyoka. The 48MW Olkaria III geothermal project, reached financial close last week, and accounts for 6% of Kenya’s total electricity generation.
The first disbursement of US$90 million of a 10-year loan agreement with European Development Finance Institutions (EDFIs) will be available within the next two weeks.
At the ceremony inaugurating the event, vice president Musyoka said “"The US$150 million injected into the project by Ormat is the largest single private sector investment in the power sector and is consistent with government policy to open the power sector to private participation." He added, "I am also pleased to note that the green technology used in the Olkaria power plant, will help reduce the cost of electricity and help save the country 120,000 tons of imported oil."