Following Adani’s pullout from Kenya, the Kenya Electricity Transmission Company (KETRACO) sought the assistance of the Power Grid Corporation of India and Africa50, two worldwide corporations.
The two companies are expected to be important players in public-private partnerships (PPPs) with the government.They will contribute essential funds and expertise as the government works to achieve a 100% transition to renewable energy by 2030.
Africa50, a pan-continental infrastructure investor, has confirmed the new relationship and plans to fund it.
According to CEO Alain Ebobissé, this will be Africa’s first large-scale public-private partnership on an electricity transmission line.
While the amount Africa50 is planned to provide is unknown, the financing appears to come from a $500 million (Ksh 64.6 billion) fund set up by the corporation to invest in climate-friendly electricity projects.
Ebobissé stated that the fund will have a $400 million (Ksh 51.7 billion) component for project development and an additional $100 million (Ksh 12.9 billion) for project preparation.
They will also target industries such as renewable energy and transportation that reduce greenhouse gas emissions.
Power Grid Corporation of India is a global public sector firm that transports power throughout India, controlling a portion of the country’s power grid.
Power Grid not only delivers power in India, but also offers advisory services such as power transmission projects, sub-transmission systems, distribution management, load dispatch, and communications.
Power Grid provides advisory services in 23 countries globally, with a major presence in South Asia, Central Asia, Africa, and Europe.
The arrival of the two corporations follows President William Ruto’s cancelation of the Ksh90 billion Adani-KETRACO deal, which has put the government’s ambitious electrical projects in doubt.
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