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Standard Bank Group and the Industrial and Commercial Bank of China (IBC) has set-up a US$108mn debt financing package in partnership with Triumph Kenya to create a 83MW heavy fuel oil plant in the country

A subsidiary of Standard Bank Group,CfC Stanbic Bank has provided US$28mn of debt funding, while IBC supplied US$80mn.

Kenya Power has entered into a 20-year agreement with Triumph to buy power from the plant, who will be a supplier to the utility when drought occurs and when the country's hydroelectric generating capacity reaches its limit.

“The highlight of this transaction is that it marks the first time that a Chinese commercial bank has used MIGA cover for a non-recourse transaction,” said Kwame Parker, East Africa Head of Debt Solutions & Infrastructure Finance at CfC Stanbic Bank.

“It’s also likely the first time a Chinese financial institution is directly lending to a project company for a transaction in sub-Saharan Africa that is not related to resource extraction, with no explicit sovereign guarantee.”

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