Standard Bank – Africa’s largest bank by assets together with Industrial & Commercial Bank of China Ltd (ICBC) will finance a KSh200 billion($2Bn) towards Centum’s Amu Coal Power plant based in Lamu-Kenya, Business daily reported on on Monday.
“Standard Bank and ICBC have concluded debt financing agreements with a consortium of Kenyan investors for the building of the 1,000-megawatt Amu coal-fired power plant,” Standard Bank in its latest annual report.
According to BD, Amu Power’s executives have confirmed that the two giant lenders will be funding the project but declined to reveal the loan size.
Previously, Centum said it was seeking about KSh150 billion in debt of which it had already secured KSh120 billion from China’s ICBC.
Centum will invest at least Sh10 billion in Amu Power where it holds a 25% equity stake. The NSE listed firm said it would raise the Ksh 10 Billion through a mix of debt instruments and internal funds.
Sources; Business Daily, Standard Bank