Heavy-fuel oil plant project, Kenya
Name and Location
Heavy-fuel oil plant project, Kenya.
Client
Triumph Kenya.
Project Description
The project involves the construction of an 83 MW heavy-fuel oil plant about 25 km from Nairobi.
Kenya Power has signed a 20-year power purchase agreement with Triumph to buy power from the plant, which will be a crucial supplier to the utility during times of drought when the country’s hydroelectric generating capacity becomes constrained.
Value
$108-million.
Duration
Not stated.
Latest Developments
The Standard Bank Group and the Industrial and Commercial Bank of China (ICBC) have concluded a $108-million debt-financing package with Triumph Kenya for the construction of a heavy-fuel oil plant in the East African nation. As mandated co-lead arrangers, CfC Stanbic Bank, a member of Standard Bank Group, has provided $28-million of debt funding, while ICBC has supplied the remaining $80-million for the plant.
The World Bank’s Multilateral Investment Guarantee Agency (MIGA) will provide $102.5-million in breach of contract insurance, should Kenya Power fail to honour its 20-year power purchase agreement with Triumph. MIGA’s insurance will also cover the government of Kenya’s obligations under the government of Kenya’s Letter of Support.
Key Contracts and Suppliers
Standard Bank Group and ICBC (debt package).
On Budget and on Time?
Not stated.
Contact Details for Project Information
Standard Bank Group, Kate Johns, tel +27 11 631 2406.
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