Triumph HFO Power Plant

active

Triumph Power Generation developed the 83MW power plant, Kitengela, Athi River, close to Nairobi. The project was developed by local sponsors: Broad Holding, Southern Inter-trade, Taceflex, and Interpel Investments. The project received a 20 year power purchase agreement with Kenya Power and Lighting Company (KPLC). The project was developed on Build, Own, Operate basis. The project reached financial closure in December 2012. The project received a Partial Risk Guarantee (PRG) of US$45 million (SH. 3.8 billion) from the World Bank, signed between the Ministry of Finance, Kenya Power, JP Morgan and the World Bank in December 2012. JP Morgan provided the Letter of Credit. The project received US$103 million in long term debt, provided by Industrial and Commercial Bank of China and the CFC Stanbic Bank of South Africa. Total project cost was estimated at US$140 million. On June 27, 2013, MIGA issued guarantees of $102.5 million to Industrial and Commercial Bank of China and Standard Bank of South Africa covering their-non shareholder loans to Triumph Power Generating Company Limited in Kenya. MIGA also issued a guarantee of $11.1 million to CfC Stanbic Bank, a subsidiary of Standard Bank of South Africa, covering its swap arrangement with Triumph to hedge against long-term interest rate risk. The coverage to all guarantee holders is for a period of up to 12 years against the risk of breach of contract. http://www.standardmedia.co.ke/?articleID=2000072339&story_title=wb-confirms-sh4-billion-guarantee-to-power-firm http://www.miga.org/projects/index.cfm?pid=1269