Firm loses billions in funding
Gideon Moi recently bought a majority stake in the company back from billionaire industrialist Narendra Raval.
Sosian Menengai Geothermal Power Ltd has lost a multi-billion funding deal by the African Development Bank for the construction of the 35-megawatt geothermal power plant in Menengai, Nakuru.
According to a report by Business Daily, the AFDB pulled the funding citing ownership of Sosian by Baringo Senator Gideon Moi.
Moi recently bought a majority stake in the company back from billionaire industrialist Narendra Raval.
AfDB has sought a change of ownership before it can grant money to Sosian Menengai Geothermal Power, according to two persons familiar with the situation.
“The bank is currently engaged on the Quantum Power East Africa (QPEA) project only. It has previously been engaged on the Sosian project as well but it requires a change in shareholding before it can engage further,” revealed one of the sources whose identity was withheld.
It's unclear why the African Development Bank isn't interested in partnering with the Moi family.
