Athi River Medium Speed Diesel (MSD) Power Plant (81MW)

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The financing will be used for development of a Medium Speed Diesel (MSD) power plant, located in the Athi River area, about 25km from the Nairobi city in Kenya. The plant has a total installed capacity of 81MW and will consist of 10 x 9.0 MW medium speed diesel (MSD) units type 18V32/40 manufactured by ZGPT-MAN of China. Sponsor is Triumph Power Generating Company. The sponsor will enter into a 20-year power purchase agreement with Kenya Power and Lighting Company. Standard Bank and the Industrial and Commercial Bank of China (ICBC) arranged the $108 million debt financing package. Standard Bank provided $28 million while ICBC supplied the remaining $80 million for the plant. The Multilateral Investment Guarantee Agency (MIGA) is providing US$102.5 million in breach of contract cover to Industrial and Commercial Bank of China and Standard Bank of South Africa for their long-term commercial financing to Triumph. In addition, MIGA is providing US$11.1 million in coverage to CfC Stanbic Bank Limited covering its swap arrangement with Triumph to hedge against long-term interest rate risk.