Kenya: Kinangop wind power project nears financial close



Issue 264 - 26 Oct 2013 | 2 minute read

Standard Bank Group and its Kenyan subsidiary CfC Stanbic Bank have signed a $150m financing agreement with Aeolus Kenya for the 61MW Kinangop wind power project. Standard Bank is lead arranger and will underwrite $90m in debt, while Norway’s Norfund and African Infrastructure Investment Managers, part of South Africa’s Old Mutual Investment Group, will provide $60m in equity. The project is expected to commission in mid 2015. Aeolus executive director Jenny Fletcher told African Energy commissioning “should be 19 months from close… we should have all the conditions precedent finished by the end of this week”.


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