Kenya postponed plans to sell a bond in order to finance some renewable energy projects last year after the global economic crisis decreased investor appetite. However, now the East African country said it will not make the final decision on pushing ahead with the sale of the international bond until after its financial year ends on June 30, Governor Njuguna Ndung’u said to Bloomberg.
“The plan to enter capital markets is still there,” Ndung’u said. “Most likely $500 million will be the target.”
Prime Minister Raila Odinga said on February 4 that the funds would be used to finance renewable energy projects, joining countries such as Ghana and Senegal that have sold international bonds to fund infrastructure works. The country is attempting to almost triple its electricity-generating capacity to 3,200 MW by 2012 using all forms of energy including nuclear power and renewable energy sources according to Prime Minister Raila Odinga (Kenya Investment: Doom or Gloom?).
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