Kenya Power gets US$150mn loan

Published: January 8, 2015

Funds will go towards rehabilitation and expansion of country’s power network.

Kenya Power and Lighting Company (KPLC), which is responsible for the country’s electricity distribution and transmission network, has secured a US$150mn syndicated loan. The funds will go towards the rehabilitation and expansion of Kenya’s power network, in line with government plans to boost capacity from 2,000MW currently to 5,000MW by 2020.

The Africa Finance Corporation (AFC) contributed US$25mn to the loan and confirmed to EMEA Finance that PTA Bank, Bank of China, East African Development Bank, Frontier Markets and Sanlam Capital Markets are among the participants. Two more contributors have yet to disperse their funds and so remain unnamed.

KPLC, which is listed on the Nairobi Securities Exchange, is 50.1% owned by the Kenyan government.