Kenya Electricity Generating Co., the biggest electricity producer in the country, advanced the most in seven days after saying it had awarded a $1.3 billion tender to Daewoo International Corp.
The stock climbed 25 cents, or 2.2 percent, to 11.8 shillings at 9:57 a.m. in Nairobi.
Seoul, South Korea-based Daewoo was selected as the preferred bidder for a coal-fired power plant project in Kenya’s port city of Mombasa. Construction of the facility is expected to take three to four years and KenGen, as the Kenyan company is known, will own as much as 49 percent of the joint venture, Managing Director Eddie Njoroge said yesterday.
Kenya plans to build power plants to generate 1,500 megawatts by 2019 after drought during the past few years cut supplies from hydropower plants.
To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.
Source:bloomberg.com/
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