REVEALED: Adani Group’s New Details About Its Kenyan Operations
On Friday, November 8, Adani Energy Solutions Limited (AESL) provided more information about a subsidiary company it owns in Kenya that aims to expand its power business in the country.
This comes after the Ministry of Energy, through CS Opiyo Wandayi, announced that it had signed a Ksh95.68 billion project agreement with Adani via the Kenya Electricity Transmission Company Limited (KETRACO) under the Public-Private Partnership (PPP) programs.
“I am pleased to announce the successful signing of the Project Agreement between the Kenya Electricity Transmission Company Limited (KETRACO) and Adani Energy Solutions Limited (AESL) on Wednesday, October 9, 2024,” Wandayi’s statement read in part.
AESL revealed that the company is called Progressive Grid Networks Ltd, and its primary goal is to seek opportunities in power transmission projects.
According to a regulatory filing, the company’s share capital is Ksh10 million, which will be divided into Ksh100,000 ordinary shares with a normal value of Ksh1,000 each.
AESL will control 100% of the arm’s stock, implying complete ownership of the new firm. The company has yet to begin operations in the country.
KETRACO [@KETRACO1] & Adani Energy have signed a KES 95.6B ($736M) agreement to develop key transmission lines & substations after 4 months of negotiations:
— Mwango Capital (@MwangoCapital) October 11, 2024
Major projects:
—400kV Gilgil-Thika-Malaa-Konza (208.7km)
—220kV Rongai-Keringet-Chemosit (99.9km)
—132kV Menengai-Ol… pic.twitter.com/eCSl6L3psN
Despite the criticism Adani received from Kenyans, the energy subsidiary was awarded the contract to maintain vital electricity transmission lines and substations across the country for the next 30 years.
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The project contains a 208.73 km 400 kV transmission line from Gilgil to Thika to Konza, a 99.98 km 220 kV line from Rongai to Keringet to Chemosit, and a 132 kV line between Menengai and Rumuruti with a substation.
Additionally, a new 132/33 kV substation will be built in Kisumu.
Kenyans, particularly Kisii Senator Richard Onyonka, expressed worry about the deal’s transparency, the exploitation of Kenyan taxpayers, and the prospective increase in electricity bills.
Meanwhile, President Ruto urged Kenyans to support such PPP initiatives since they allow Kenya to benefit from developments without burdening Kenyans with taxes.
REVEALED: Adani Group’s New Details About Its Kenyan Operations
