Britam Unit Purchases Stake in Kenyan Thermal Electricity Plant

Britam Holdings unit buys stake of “about a quarter” in Gulf Energy’s 80MW thermal plant on the outskirts of Kenyan capital, Nairobi, for 1.4b shillings, CEO Kenneth Kaniu tells reporters.

* Britam Asset Management took shareholding in the plant in Athi River through private-equity investment vehicle Everstrong Power;
* “The government has indicated it will honor all existing power-purchase agreements”: Kaniu;
* Gulf Energy’s plant, commissioned 2014, has 20-year PPA;
* Britam Asset Management has 158b shillings assets under management;
* NOTE: March 26, Kenya to Start New Geothermal Plant in 2019, Cut Thermal Output. Source: Bloomberg