Nairobi, March 12 -- Eldoret Water and Sanitation Company (ELDOWAS) looks to be the first water utility firm in Kenya to go to the capital markets and raise debt as the sector looks to diversify funding sources and crowd in more commercial financing options to meet the growing need for capital investment.

The utility is working with financial services firm, CPF, towards structuring a Sh700 million green bond whose proceeds it says will be deployed in the expansion of the Chebara-Kapsoya Transmission Mainline project.

Speaking at the just concluded Water and Sanitation Investment Conference, CPF Group executive director Joseph Rono said the proceeds from the bond would be used to boost the project's water supply from the present 22,500 c...