The development of the 1,050 MW coal power plant Kenya to be constructed in the coastal region of Lamu is on track, investors said on Thursday.
James Mworia, CEO of Centum Investment which owns 51 percent of the coal power plant said that the project has so far achieved considerable progress.
“So far there are only two things that are pending, the environmental impact assessment (EIA) license and the partial risk guarantees that the government will give the lenders of the project,” Mworia said during the Centum investor briefing and release of the half-year financial results for the 2019/2020.
The coal plant will be developed by a consortium called Amu Power that includes Centum investments and Gulf Energy.
The engineer procurement contractor, as well as debt finance, is being undertaken by Chinese firms.
Mworia said that the EIA license that had been issued to Amu Power was revoked in June and the company has opted to appeal the decision before the High Court.
He said that as an investor he remained optimistic that the project will eventually be awarded an environmental license to ensure the project can proceed as scheduled.
Mworia observed that in accordance with global accounting standards, it has included a provision in its financial statements for the 2.2 billion shillings (22 million U.S. dollars) spent so far on the coal power plant. Enditem