Athi River II Medium Speed Diesel (MSD) Power Plant

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The BOO project involves the development of the 80MW GEL (Gulf Energy Ltd.) Heavy Fuel Oil-Fired Power Plant in Kenya. The plant is to be located at Athi River on Mombasa Road, about 25KM from Nairobi City. It also includes a 66kV interconnector and backup metering equipment in the Mombasa Road area of Nairobi. Total estimated cost is US$95.5 million and the SPV of the project is Gulf Power Limited, composed of Gulf Energy (50%) and Multiple Hauliers (50%). Debt-to-equity ratio is 80:20 and the US$81 million debt was financed in four tranches: 1) A loan of US$22 million by IFC, 2) Multilateral loan of US$5 million by IFC, 3) Multilateral loan of US$27 million from OPEC Fund for International Development, and 4) term loan of US$27 million by Standard Bank. The loan agreement was signed in July 2014 and the project reached financial closure. Company: Multiple Hauliers Percentage: 50.00000% http://ifcext.ifc.org/ifcext/spiwebsite1.nsf/ProjectDisplay/SPI_DP29418 Company: Gulf Energy Percentage: 50.00000%