Name and Location
Kinangop wind park project, Kenya.
Client
Aeolus Kenya (AKL).
Project Description
Kinangop wind park project is the first in a series of projects under US President Barack Obama’s Power Africa initiative.
The project involves the construction of a 60 MW wind farm, which will provide electricity for 150 000 households, in the Kinangop plateau, in central Kenya.
The Kenya government will be the main buyer of the power.
Aeolus Kenya has already signed a power purchase agreement with State-owned utility Kenya Power.
Value
KSh12.9-billion ($150-million).
Duration
The plant is expected to come on line in mid-2015.
Latest Developments
Standard Bank Group and its subsidiary, CfC Stanbic Bank, in Kenya, have signed a ground-breaking deal with independent power producer AKL, to build the wind power plant.
The transaction will be fully funded through a combination of debt and equity.
Standard Bank Group is the lead arranger and will underwrite $90-million of the debt, while Norway’s Norfund and a large Africa-focused international infrastructure investor will provide $60-million in equity.
Financial close is expected in the coming weeks.
The syndication of the debt is currently under way.
Key Contracts and Suppliers
Standard Bank Group (lead arranger) and Norfund (equity).
On Budget and on Time?
Not stated.
Contact Details for Project Information
AKL, tel +254 733 631653.
Standard Bank Group, tel +27 11 299 4701 or email information@standardbank.co.za.