Hong Kong venture capital firm opens Africa base in Nairobi
Hong Kong based investment incubation firm- Nest- opened its first office in Africa, in Nairobi.
The venture capital firm is seeking to provide access to funding and making introductions to successful entrepreneurs. The firm primarily targets investments that are typically seed or startup phase companies.
According to a statement from the firm, the office is its first in Africa and is expected to serve the entire continent.
The firm will be headed by Aaron Fu as the Managing Partner in Africa. Mr Fu was previously Standard Chartered Bank’s head of digital banking in Africa where he spearheaded the financial institution’s digital sales framework across the continent.
KenGen plans to add another 450 MW to grid in three years
NAIROBI: Power producer Kenya Electricity Generating Company (KenGen) plans to add another 450 megawatts (MW) to the grid from wind and geothermal in the next three years at a cost of at least $710 million (Sh71b), its chief executive said yesterday.
Kenya, which relies heavily on renewables such as geothermal and hydro power, aims to expand installed capacity to about 6,700 MW by 2017, from about 2,500 MW now. It also aims to halve bills from around $0.17-0.18 per kWh in three or four years.
Kenya: KPC Secure Sh35 Billion for New Mombasa-Nairobi Pipeline
Kenya Pipeline Company has secured a $350million (Sh35.6 billion) loan to finance the construction of a new 450-kilometre oil pipeline from Mombasa to Nairobi.
The state owned oil distributor will upgrade to a 20 inch ultra-modern multi-product oil pipeline to replace the more than 30 year old - 14 inch pipeline currently in use.
Speaking during the loan signing with a consortium of six banks, KPC acting managing director Flora Okoth said work is expected to be complete in eighteen months from the July 1 2014 contract signing date. Lebanese firm Zakhem International won the contract.
A US$ 70m iron sheet factory opened in Kenya
A US$ 70m iron sheet factory has been inaugurated in Kiambu County, Kenya by Devki Group. The new factory is projected to be able to produce 300,000 tonnes of iron sheets in Kenya annually.
The development which is under the group’s affiliate, Maisha Mabati Mills Ltd, is the largest of its kind in Africa set to produce long lasting roofing sheets coated with aluminium and zinc.
“This mill, which is the largest and most advanced technologically, will go a long way in meeting the country’s demand and ensure quality,” said Industrialization Cabinet Secretary Mr. Adan Mohamed.
