February 28, 2014 / 12:26 PM / 4 years ago

Kenya's KenGen to raise 30 bln shillings for expansion-CEO

NAIROBI, Feb 28 (Reuters) - Kenya’s biggest power producer KenGen aims to raise 30 billion Kenyan shillings ($347 million) in a rights issue and via other routes in 2014 to fund expansion of its power generating capacity, its chief executive told Reuters on Friday.

The company, 70 percent owned by the government, has installed capacity of 1,252 megawatts (MW) out of Kenya’s total 1,664 MW. It aims to add another 844 MW to the grid by 2017 as part of a broader national power expansion programme.

“We are looking at being able to raise this money by June. We have financial arrangers,” Chief Executive Albert Mugo told Reuters. The firm had earlier said it would raise 15 billion shillings in a rights issue and Mugo said the government would raise the remaining 15 billion shillings but did not say how.

$1 = 86.3500 Kenyan shillings Reporting by George Obulutsa; Editing by Edmund Blair and Elaine Hardcastle

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