The United Bank of Africa (UBA) has granted a US$10m loan facility to the Kenya Power Company to enable it upgrade its infrastructure to distribute 5,000MW by 2017.
Power Company receives $10bn from UBA
The facility is part of a syndicated loan plan from a number of lenders to finance the planned infrastructure expansion, the power company said.
UBA Chairman, Tony Elumelu
The funds will be used to boost the capacity of transmission lines, upgrading existing substations and constructing 37 new ones, while also installing new equipment in the power grid.
“Completion of these capital investments on time is critical for long-term viability of our company. It will also make Kenya attractive as an investment destination,” Managing Director of Kenya Power, Ben Chumo said.
UBA also expressed its commitment towards ensuring growth in the Kenyan power sector.
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“We remain committed to a continued relationship with Kenya Power and other key players in the public sector to take on similar or larger projects especially in energy and the infrastructure sector,” Isaac Mwige, Chief Executive of UBA Kenya, said.
UBA, was first established in Nigeria and entered the Kenyan market in 2010.
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