Kenya looking for buyer to reduce stake in KenGen

In Kenya, the country’s largest power producer Kenya Electricity Generation Co. Ltd. said it has appointed an adviser to help it find a buyer for 19% of the company to reduce the government’s stake. Managing Director Eddy Njoroge told reporters that the company wants to privatize. The plan is for the state’s holding in the company to shrink to 51% from the current 70 %. Public investors would continue to own 30%, he said. The company’s market value is $475.4 million. KenGen now has a little over 1 GW of capacity, mostly from hydroelectric sources, and 150 MW of geothermal. Peak demand is 1,107 MW. KenGen intends to triple installed capacity to 3 GW mainly from geothermal reserves and wind farms.