21 October 2013 – Private sector group, Triumph Kenya is to build a US$108 million 83 MW heavy fuel oil power station in Kenya. ICBC Bank of China will provide US$80 million of the funding while CfC Stanbic will provide the remainder.
Kenya plans to add 5,000 MW of power supply capacity to the existing 1,664 MW generated by 2017. The country suffers from frequent blackouts due to supply shortfalls and an aging grid, with many businesses and wealthy households turning to standby generators.
According to Reuters, Standard Bank, CfC’s parent company, said the World Bank’s Multilateral Investment Guarantee Agency (MIGA) would provide insurance of US$102.5 million, in part to cover a breach of contract should distributor Kenya Power fail to adhere to its 20 year power purchase agreement with Triumph.
CfC Stanbic Bank is also providing US$90 million in debt for a US$150 wind power generation project in the country. ICBC has a 20% stake in Standard Bank.