A US clean energy company has set a three-year target to start selling power to the national grid after getting the Energy and Petroleum Regulatory Authority (EPRA) green light to generate and sell electricity. Ergon Solair Africa Ltd, an American-Kenyan solar developer operating in Africa and an affiliate of Ergon Solair PBC (USA), is developing the Kisumu Solar One 40 megawatts. It said following the regulatory nod it has set a target for commissioning of the full 40 MWAC project in...

Global leaders have joined the World Bank and the International Monetary Fund (IMF) in a call to the Group of 20 (G20) major economies to hold off this year's debt interest payments to them by poor and developing countries amid worsening economic fallout from the Covid-19 pandemic. Should the debt payment freeze be accepted, Kenya stands to keep hold of up to Sh243 billion in deferred payments to both bilateral and commercial lenders. The 165 past and present world leaders, whose include 92...

Kenya is among member countries allowed to tap a Sh1 trillion ($10 billion) emergency fund announced on Wednesday by the African Development Bank (AfDB) to help alleviate sudden economic disruptions caused by the Covid-19 outbreak. Deputy director-general for East Africa Nnenna Nwabufo told the Business Daily in a telephone interview the government and private businesses can access the funds for budgetary and business support and to help blunt the effects of disruption. She cited the need by...

UAP Old Mutual’s chief executive officer Peter Mwangi will step down next week, the company said on Friday, and will be replaced by chief financial officer Arthur Oginga. The firm’s chairman Joe Wanjui said the outgoing chief executive, appointed to the job in October 2014, will leave the firm to pursue other interests. “Mr Mwangi, who has led the East African business for five years, will be succeeded from April 15, 2020 by Arthur Oginga who currently serves as the Chief Operating Officer...

Former Central Bank of Kenya (CBK) governor Njuguna Ndung’u has asked the government to provide incentives to food producing firms including those making staples like grain, flour and cereals to help lower prices. President Uhuru Kenyatta’s administration recently rolled out a stimulus package to support businesses and individuals to enhance liquidity and reduce the impact of potential economic disruption of the coronavirus pandemic. Some of the measures include reducing value-added tax and...