Rabai Power Plant

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In October 2008, the 20-year BOT Rabai 90MW diesel power plant project reached financial closure. The private sponsors were Aldwych International (United Kingdom) and Burmeister & Wain Scandinavian (Denmark) (subsidiary of Mitsui Engineering & Shipbuilding Co Ltd). No detail was available on the respective shares of each private sponsor. The project was awarded in October 2007 by the Kenyan government through direct negotiation, with the signature of a 20 year PPA between the private consortium Aldwych/Burmeister and the national electric utility company Kenya Power and Lighting Company. The private consortium were responsible for EPC and O&M contracts with Burmeister obtaining the EPC for the construction of the plant, and Aldwych/Burmeister the initial 10-year O&M contract. Financing was arranged as follow: - US$37.8 million (€27.4m) equity provided by the private sponsors Aldwych and Burmeister. - US$109 million (€79m) senior debt provided by FMO, Emerging Africa Infrastructure Fund (EAIF), DEG and Proparco for 15 years at 350bp, with a two-year grace period. - US$7.7 million (€5.6m) of mezzanine debt provided by Emerging Africa Infrastructure Fund (EAIF) and Proparco for 15 years at 750bp with five-year grace period. Trinity advised the sponsors, supported by Kaplan & Stratton Advocates locally; Allen & Overy advised the lenders, supported by Anjarwalla & Khanna locally.