The International Finance Corporation has said it will invest Sh3 billion in Thika Power, an independent power producer that plans to put up an 87Megawatt thermal power plant. The heavy fuel oil plant will feed all its power into the national grid. It is one of three plants that the government issued tenders for in 2009 to boost power supply and will cost Sh12 billion.
IFC, the private-lending arm of the World Bank, said in a statement that Thika Power will also get partial risk guarantees from two World Bank agencies, the International Development Agency and the Multilateral Investment Guarantee Agency. The African Development Bank and Absa of South Africa will also put Sh2 billion into the project. Thika Power is a subsidiary of Melec Powergen of Lebanon.
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