KenGen seeks regulators' nod to float bond

State power generator KenGen is looking at floating asset-backed securities to finance more than Sh80 billion in energy infrastructure over the next two years. Kengen, which has already pegged its Sh30 billion Rights Issue for the second quarter of this year needs Sh118 billion to finance its infrastructure development.

The firm is in talks with regulators to use asset backed securities to plug the difference. "We are considering a mixture of financing avenues and not just the Rights Issue although this (Rights Issue) is very critical for us in terms of unlocking opportunities to raise additional debt financing," said KenGen CEO Albert Mugo.