The Emerging Africa Infrastructure Fund (EAIF) and Finnfund have been confirmed as senior debt lenders to conduct due diligence for the 15MW Kaptis run of river hydropower project in Western Kenya.
Ninety One SA (Pty), formerly Investec Asset Management, a duly authorised agent for the Private Infrastructure Development Group’s (PIDG) Emerging Africa Infrastructure Fund (EAIF), will act as Mandated Lead Arranger for the financing of the Kaptis project, which is sponsored by Tembo Power, Metier and WK Power.
The project will require $30 million in debt financing to bring it through the final design, planning and construction phases, with a targeted commercial start date in the third quarter of 2022. Tembo Power, together with its partners Metier and WK Power, will inject approximately $14 million in equity.
Projects between 10MW and 50MW offer inexpensive and reliable electricity in areas where the national electrical utilities need it most.