KenGen bond offer to fund 500MW in geothermal

In Kenya, Kenya Electricity Generating Co. said its $200 million Public Infrastructure Bond Offer, concluded on September 29, had been oversubscribed by 77%. This allowed the company to take up an additional $133 million through a greenshoe option, which is a provision that allows an issuer to scale up an offer in the event of higher-than-expected demand. KenGen says the new funds will enable it to generate an additional 500MW of electricity from geothermal sources by 2013.