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28 Sep 2020

Victor Juma, Business Daily (Kenya)

Kenya: General Electric abandons Lamu coal power plant as it shifts towards renewable energy projects

" General Electric abandons Lamu coal power plant deal in policy shift"

American conglomerate General Electric (GE) will walk away from an agreement to build Lamu’s 1,050-megawatt coal-fired power plant as it shifts to renewable energy. The move marks the latest setback for the proposed project by Amu Power, a joint venture in which Centum Investment Company is the majority shareholder with a 51 percent stake. “GE announced today that it intends to exit the new-build coal power market, subject to applicable consultation requirements,” the multinational said in a press release...

“GE’s Steam Power business will work with customers on existing obligations as it pursues this exit, which may include divestitures, site closings, job impacts and appropriate considerations for publicly held subsidiaries.”... GE is among the companies that are divesting from coal and other non-renewable sources of energy, partly due to pressure from investors and environmental activists seeking to slow down climate change.