Mumias Sugar of Kenya Gets $20 Million Loan for Power Plant, Nation Says
Mumias Sugar Co., Kenya’s largest producer of the sweetener, secured a 1.6 billion-shilling ($20 million) loan for its ethanol plant to be commissioned next year, the Daily Nation reported.
A group of banks led by Ecobank Transnational Inc. will provide credit to construct the plant, which is expected to produce about 22 million liters (5.8 million gallons) of ethanol annually when complete, the Nairobi-based newspaper said today, citing Peter Kebati, the sugar miller’s chief finance officer. The project will cost 3.6 billion shillings and will be paid with equal amounts of debt and equity, according to the Nation.
Last year, Kenya passed a law for gasoline to be blended with 10 percent ethanol. Blending will start in September at Kenya Pipeline Co. depots in the western towns of Eldoret, Kisumu and Nakuru, the Nation said.
To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net
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