Coming back to the government's loans to KenGen, from the 2013 financial's it seems that they are government guaranteed loans i.e. sources from international banks's such as Japan Bank for Intern Cooperation and Kreditanstalt Fur Wiederaufbau-Kindarum.
Are these the loans that are being converted to Equity, because in that case government will have to take care of interest payments. This will imply an additional direct burden to the treasury which could partly explain the delay. They have to change some of the debt covenants directly with the international institutions as well.
Time is money, so money is time. Money saved is time gained in reverse! Money stores your life’s energy. You expend your energy, get paid money, and store that money for a future purchase made in a currency.