Equinox Energy Capital is near financial closure of a $250 million energy plant in Homa Bay Kenya, the British company revealed.
“We are making progress on our Homa Bay plant and are nearing launch,” said Lord Barker, a UK peer and representative of Equinox Energy Capital said.
The plans for the 35 megawatt plant which will convert hyacinth to energy were unveiled at a meeting of British investors under the East African Association umbrella in London, UK.
The peers and other business executives drawn from companies with interest in the East African region were gathered at a forum convened by Kenyan President Uhuru Kenyatta to hear investor plans, fears and challenges.
Kenyatta is in the British capital attending the Third London Conference on Somalia.
He reassured the investors that Kenya is committed to free, fair and peaceful elections that were unlikely to affect the business environment. The country goes to the polls on 8 August 2017.
Kenyatta said, “We are looking forward to a peaceful process. Business should not be impacted by the process. You should keep your money and faith in our country.”
Hundreds of companies from the United Kingdom have invested billions of dollars in Kenya.
Another peer at the same event, Lord Pollock said the consortium he represents was ready to proceed with its $100 million Kipeto energy investment as only few details remain including issuance of a standard letter of support from the government.
Nadeem Ahmed, Chief Executive Officer of tea firm Kericho Gold, also made a major investment announcement saying he would invest $25 million for new investment in a value-adding plant on a 25-acre plot in Miritini, Mombasa County, which will likely employ up to 10,000 youth.
President Kenyatta welcomed the progress in mobilising funds and other logistical arrangements the firms had made and assured of the government’s commitment to resolving any outstanding issues to ensure these projects continued apace as well as to continue the removal of bottlenecks to business.
He said he was setting up a one-stop-shop investment agency to coordinate all investment enquiries and link business to ministries and departments- based in his office.