The African Development Bank (AfDB) has withdrawn multi-billion shilling funding for a 35-megawatt geothermal power plant in Menengai, Nakuru, over Baringo Senator Gideon Moi’s ownership.
Two sources familiar with the matter indicated that AfDB has demanded change of ownership before it can offer funding to Sosian Menengai Geothermal Power, one of the three firms that State-owned Geothermal Development awarded exclusive rights to set up a steam plant under a build-own-operate model.
The funding hitch emerged after revelations that Mr Moi had bought back a majority stake in Sosian from steel and cement tycoon Narendra Raval.
Mr Raval, popular by his nickname Guru, sold back the firm to Mr Moi after incessant delays in building the power plants. BY DAILY NATION