DOCSLIB.ORG

CENTUM INVESTMENT COMPANY LIMITED Incorporated in Kenya Under the Companies

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
CENTUM INVESTMENT COMPANY LIMITED Incorporated in Kenya Under the Companies CENTUM INVESTMENT COMPANY LIMITED Incorporated in Kenya under the Companies Act (Chapter 486, Laws of Kenya) Registration Number C.8/67 Information Memorandum in respect of the offer to the public and listing of Kenya Shillings six billion (Kes.6,000,000,000) senior unsecured fixed rate notes and senior unsecured equity linked notes [●] May 2015 TABLE OF CONTENTS 1. IMPORTANT NOTICES AND STATEMENTS ................................................................................. 1 2. EXECUTIVE SUMMARY .................................................................................................................. 5 3. DEFINITIONS AND ABBREVIATIONS.......................................................................................... 14 3.1 DEFINITIONS ................................................................................................................................... 14 3.2 ABBREVIATIONS .............................................................................................................................. 20 4. SUMMARY OF CORPORATE INFORMATION ............................................................................ 24 5. ADVISERS TO THE ISSUER ON THE NOTE ISSUE ..................................................................... 26 6. TIMETABLE .................................................................................................................................... 27 7. SUMMARY OF THE OFFER ........................................................................................................... 28 7.1 SUMMARY OF THE PROPOSED NOTES ................................................................................................. 28 8. USE OF PROCEEDS ........................................................................................................................ 38 8.1 FINANCIAL SERVICES ....................................................................................................................... 39 8.2 ENERGY .......................................................................................................................................... 41 8.3 REAL ESTATE .................................................................................................................................. 42 8.4 OFFER RELATED EXPENSES .............................................................................................................. 42 9. ABOUT THE ISSUER ...................................................................................................................... 43 9.1 COMPANY OVERVIEW ...................................................................................................................... 43 9.2 VISION, MISSION AND STRATEGY ...................................................................................................... 43 9.3 BUSINESS MODEL ............................................................................................................................ 44 9.4 TRACK RECORD ............................................................................................................................... 45 9.5 OPERATING STRUCTURE ................................................................................................................... 49 9.6 CENTUM’S PORTFOLIO AND SECTOR FOCUS ........................................................................................ 50 9.6.1 Financial Services (FS) Sector ............................................................................................................. 50 9.6.2 FMCG Sector ....................................................................................................................................... 52 9.6.3 Energy Sector ....................................................................................................................................... 53 9.6.4 Real Estate Sector ................................................................................................................................ 56 9.6.5 Education and Healthcare Sector ......................................................................................................... 65 9.6.6 Agriculture Sector ................................................................................................................................ 65 9.6.7 Quoted Private Equity (“QPE”) Portfolio ............................................................................................ 65 9.6.8 Other Portfolio ..................................................................................................................................... 66 9.7 DIVIDEND POLICY ............................................................................................................................ 67 9.8 PRINCIPAL SHAREHOLDERS ............................................................................................................... 67 9.9 SHAREHOLDING BY DIRECTORS ......................................................................................................... 67 9.10 DISTRIBUTION OF SHAREHOLDING ..................................................................................................... 68 9.11 EMPLOYEES .................................................................................................................................... 68 10. TERMS AND CONDITIONS OF THE NOTES ................................................................................ 70 11. KEY INVESTMENT CONSIDERATIONS....................................................................................... 85 11.1 BUSINESS MODEL ............................................................................................................................ 85 11.2 TRACK RECORD OF CONSISTENT PERFORMANCE AND LONG TERM GROWTH ........................................... 86 11.3 UNUTILISED DEBT CARRYING CAPACITY ............................................................................................. 87 11.4 STRONG CASH FLOWS ....................................................................................................................... 88 11.5 A WELL-DIVERSIFIED INVESTMENT PORTFOLIO .................................................................................. 89 11.6 STRONG CORPORATE GOVERNANCE .................................................................................................. 90 11.7 STRONG BRAND NAME ..................................................................................................................... 91 12. ECONOMIC OVERVIEW ............................................................................................................... 92 12.1 KENYA MACRO - ECONOMIC OVERVIEW ............................................................................................ 92 12.2 UGANDA MACRO - ECONOMIC OVERVIEW .......................................................................................... 94 13. INDUSTRY OVERVIEW ................................................................................................................. 98 i 13.1 POWER SECTOR ............................................................................................................................... 98 13.1.1 Overview of the East African Power Sector ......................................................................................... 98 13.1.2 Power Sector in Kenya ........................................................................................................................ 98 13.2 FAST MOVING CONSUMER GOODS (FMCG) SECTOR ......................................................................... 103 13.2.1 About FMCG ..................................................................................................................................... 103 13.2.2 Key Drivers of FMCG in Africa......................................................................................................... 105 13.3 FINANCIAL SERVICES SECTOR ......................................................................................................... 109 13.3.1 Kenya Banking Sector Overview ....................................................................................................... 109 13.3.2 Industry Performance ........................................................................................................................ 110 13.3.3 Challenges ......................................................................................................................................... 111 13.3.4 Opportunities ..................................................................................................................................... 111 13.3.5 Overview of Kenya Insurance Industry .............................................................................................. 112 13.3.6 Industry Performance ........................................................................................................................ 112 13.3.7 Kenya Insurance Market Outlook ...................................................................................................... 113 13.3.8 Performance Overview ...................................................................................................................... 113 13.4 RECENT PRIVATE EQUITY TRANSACTIONS IN EAST AFRICA ................................................................ 114 13.5 THE ASSET MANAGEMENT INDUSTRY .............................................................................................. 115 13.5.1
Load more

Recommended publications
  • Development and Evaluation of Performance of a Bench Scale Gasifier for Sub-Bituminous Coal Stellamaris Nduku Nzove Master of Sc
    DEVELOPMENT AND EVALUATION OF PERFORMANCE OF A BENCH SCALE GASIFIER FOR SUB-BITUMINOUS COAL STELLAMARIS NDUKU NZOVE MASTER OF SCIENCE (Mechanical Engineering) JOMO KENYATTA UNIVERSITY OF AGRICULTURE AND TECHNOLOGY 2021 Development and Evaluation of Performance of a Bench Scale Gasifier for Sub-Bituminous Coal Stellamaris Nduku Nzove A thesis submitted in partial fulfillment of the requirement for the degree of Master of Science in Mechanical Engineering in the Jomo Kenyatta University of Agriculture and Technology 2021 DECLARATION This thesis is my original work and has not been presented for a degree in any other university. Signature: ........................................ Date .............................................. Stellamaris Nduku Nzove This thesis has been submitted for examination with our approval as the Univer- sity Supervisors: Signature: ...................................... Date ............................................. Dr. Eng. Hiram M. Ndiritu (Phd.) JKUAT, Kenya Signature: ......................................... Date ........................................... Dr. Benson Gathitu (Phd.) JKUAT, Kenya ii DEDICATION I dedicate this work to my loving family. A special feeling of gratitude to my dear husband Victor, our children Adrian and Talia. They have been a great source of inspiration throughout my entire research period. iii ACKNOWLEDGEMENTS The author wishes to sincerely appreciate a number of individuals for their vital roles in the realization of this thesis. First and foremost is the Almighty God, the giver and sustainer of life, for giving me the opportunity to do this research. Special appreciation is due to Dr. Eng. Hiram Ndiritu and Dr. Benson Gath- itu, my two very able and highly knowledgeable project supervisors for guiding and supporting me throughout this research. My sincere gratitude also goes to Bernard Owiti, Obadiah Maswai and John Ng'ethe, for their positive criticism which helped to keep me going.
    [Show full text]
  • Public Participation in Foreign Direct Investment Projects in Kenya
    PUBLIC PARTICIPATION IN FOREIGN DIRECT INVESTMENT PROJECTS IN KENYA SYLVIA WAMBUI WAIGANJO G62/88663/2016 A Project Paper Submitted in Partial Fulfilment of the Requirement for the Award of the Degree of Master of Laws (LLM) of the University of Nairobi November 2019 DECLARATION This thesis is my original work and has not been presented for a degree at the University of Nairobi or any other university or examination body. Signed: ................................................................................... Date: ....................................................................................... Sylvia Wambui Waiganjo G62/8663/2016 Declaration by the Supervisor: This Thesis has been submitted for examination with my approval as University Supervisor. Signature: ............................................................................... Date: ....................................................................................... Dr. Njaramba Gichuki School of Law University of Nairobi ii DEDICATION This thesis is dedicated to my family, with deepest gratitude. iii ACKNOWLEDGEMENT I express my utmost gratitude to my thesis Supervisor Dr. Njaramba Gichuki who consistently allowed this paper to be my own work, but steered me in the right the direction whenever he thought I needed it. iv ABBREVIATIONS AND ACRONYMS AGOA..........................................African Growth and Opportunity Act BITs..............................................Bilateral Investment Treaties CAF..............................................County
    [Show full text]
  • Downloaded from (SEA/037)
    | THE KENYA GAZETTE Published by Authority of the Republic of Kenya (Registered as a Newspaperat the G.P.O.) Vol. CXIX—No.24 NAIROBI, 24th February, 2017 Price Sh. 60 CONTENTS GAZETTE NOTICES GAZETTE NOTICES—{Contd.) PAGE The Land Registraton Act—lIssue of Provisional The Physical - Planning Act—Completion of Part Certificates, CC ....seccceccesssesessesenieeeneenssies cessasensenseeessaeseenseses, 864-873 DevelopmentPlans...... 882-883 The Land Act— Intention to Acquire Lat .onisccceseseeneseereneees 873-874 The Environmental Management and Co-ordination Act— se 874-877 Environmental Impact Assessment Study Report. et. 883-895 County Governments Notices.....ccsesesssosermsrienssneensenan The Civil Aviation Act—Application for Variations or Business Transfer 895 Tssue of Air Service Licences.......esccepeeresireeeecseieecneeneete . 877-879 Disposal of Uncollected Go0ds«nse 895 The Kenya Information and Communications Act— Loss of Policies 395-898 Application for Licences.....-ssssscsssscssermsssereseenscserameate 879 . Public Service Commission— Assistant Legal Metrology _ Change of Names......csssescisssisseseressnnennnnrecssnereenneeceaaeenans 899 Officers’ Examination Part IJ—November, 216 Results 880 ; ' The _ Labour Relations Act—Amendment of the SUPPLEMENTNos.14, 15, 16 and 18 Constitution. 880 , National Assembly Bills, 2017 The Records Disposal (Courts) Rules—Intended PAGE Destruction of Court ReCotds ....ssse-ssssseeessseensssensenenesseee 880 . _ The Nairobi International Financial Centre Bill, 2017 131 The Political Parties
    [Show full text]
  • 1050MW Coal Fired Power Plant Social Impact Assessment
    1,050MW Coal Fired Power Plant Social Impact Assessment (SIA) Study Report Prepared for Amu Power Company Limited Report No. KTL/4085/ESIA/01 10 July 2016 1,050MW Coal Fired Power Plant Social Impact Assessment (SIA) Study Prepared for: Amu Power Company Limited Geminia Insurance Plaza, Kilimanjaro Ave. Upper hill, PO Box 61872-00200, Nairobi, Kenya Prepared by: Kurrent Technologies Ltd. Hass Plaza, 4th Floor, Lower Hill Road, P. O. Box 16989 – 00620 Nairobi, Kenya Compiled by: Reviewed by: Mr. Sanjay Gandhi Ms. Belinda Muya Team Leader – ESIA Study Sociologist ESIA Study for 1,050MW Coal Fired Power Plant, Lamu County, Kenya Social Impact Assessment Contents 1 Executive Summary ............................................................................ 12 1.1 Introduction ................................................................................................ 12 1.2 Approach to the study ................................................................................. 13 1.3 Policy and legislative issues .......................................................................... 13 1.4 Overview of the study area .......................................................................... 14 1.5 Project description ....................................................................................... 16 1.5.1 Power plant design elements ..................................................................... 16 1.5.2 Project schedule ....................................................................................... 17 1.5.3 Workforce
    [Show full text]
  • Save Lamu PO Box 314, Lamu 80500, Kenya
    March 13, 2016 Via Electronic Mail Francis Njogu Chief Executive Officer Amu Power Company Limited Geminia Insurance Plaza, Kilimanjaro Avenue Nairobi, Kenya [email protected] Re: Concerns Regarding the Amu Power Coal Power Generation Plant in Lamu County, Kenya Dear Mr. Njogu: We are a community-based organization, working with Lamu-based communities and representing over 30 organizations from Lamu, Kenya. On behalf of those organizations and the communities they represent, we write to express concerns about the planned construction and operation of a coal power generation plant by Amu Power Company in Lamu County, Kenya. We are concerned that the coal plant has been designed without meaningful community consultation and participation and without due consideration of its high environmental, social and cultural risks. Although we have previously expressed these concerns in a number of letters and submissions (copied to your office),1 and orally in meetings hosted by your representatives,2 we now take the opportunity to address you directly. As we explain in more detail below, we request that the design of the coal plant is not finalized and that construction does not begin until the following community concerns have been addressed. Environmental and health impacts Lamu County is endowed with rich biodiversity and has some of the richest marine ecology in Kenya. The potential impacts of constructing a coal power generation plant in this environment are great. Lamu is at risk of air, water and land pollution, a decline in marine populations and diversity, and destruction of critical natural habitats.3 This environmental degradation not only carries risks for 1 Including: our letter to Mr.
    [Show full text]
  • The Kenya Gazette
    ‘NATIONAL COUNCIL FOR LAW REPORTING LIBRARY ~— THE KENYA GAZETTE Published by Authority of the Republic of Kenya (Registered as a Newspaperat the G.P.O.) Vol. CXVII—No. 84 NAIROBI, 29th July, 2016 Price Sh. 60 CONTENTS GAZETTE NOTICES - PAGE PAGE The Privatization Act—Appointmentcee 2930 Lossof Policies 2966-2975 The Fisheries Act—Appointment....... ee 2930 Change of Names , 2975 Taskforce for the Rationalization of the Current Postal ff Network in Kenya to align it with Current Market Trends and Emerging Competition ceeveveavonseeessssenenneaneneceeente 2930-2931 . SUPPLEMENTNos. 120 and 121 The Central Bank of Kenya Act—Revocation of Forex Bureau Licence, te .....ccecccsscsscssessessessesscssesseccssnssseaneesseses 2931, 2949 National Assembly Bills, 2016 Supreme Court of Kenya—August Vacation, 2016...... 2931 ~ PAGE The Competition Act—Appointment,etc ........... .. 2931-2932 The Contemptof Court Bill, 2016.00... cecceeecseecseeseectenes 513 The Land Registration Act—Issue of Provisional The Sexual Offences (Amendment) Bill, 2016............... 537 Certificates,ete ....... 2932-2941 The Land Act—Outering Road Project—Corrigendum........ 294b memes County Governments Notices ........ccccessssssescsstssssneecsssseennane 2941-2946 SUPPLEMENTNo.122 The Civil Aviation Act—Decisions of the Kenya Civil a Aviation Authority on Applications for Air Service Legislative Supplement Licences 2946-2948 LRGAL NOTICE No. The Crops Act—Application for Licences in the Coffee PAGE Industry 2960-2961 128—The Medica] Practitioners and Dentists The Kenya Info ion and Communications Act— (Fitness to Practice) Rules, 2016... 0.0.0... 2315 Application for Licences.........ssscscssssssennnsssesssseeeessseeeeensasy 2961 120—The Medical Practitioners and Dentists The Countii of Legal Education Act—Passing of (Medical Camp) Rules, 2016 00.0... cee 2319 Examination and Pupilage...........-ssscssssssssssssstesseeersees 2961 —— . The ur Relations Act— ndment of the 130—The Medical Practitioners and Dentists C pout d Rules of de Ut .
    [Show full text]
  • East Africa Financial Review
    EAST AFRICA FINANCIAL REVIEW S E P T E M B E R 2 0 1 6 SPONSORSHIP PARTNER September in Numbers BC Deal of the Month Apis Partners’ investment in Direct Pay MONTHLY COMMENTARY Online Group (Formerly 3G Direct Pay), one of East Africa’s leading online Another month of steady deal flow this month saw again mostly deals payments processors for an undisclosed in PE and M&A. See more detail below and on page 6. We continue amount our series of interviews with the protagonists of landscape changing deals in East Africa, this time with Peter Mwangi, CEO of UAP Old Mutual, on Old Mutual's takeover of UAP, and the exit that deal provided for a number of PE firms. We also welcome our new sponsorship partner Alexanna, the leading management and financial consultancy firm for East African SMEs. The largest corporate deal in EA In private equity 3 investment deals (31 deals YTD) were announced in the e- in USDm 20 commerce (1) and renewable energy (2) sectors in Kenya. In M&A we witnessed 2 deals (29 deals YTD) in the telecoms and publishing sectors in Tanzania and Ethiopia respectively. One joint venture was reported in the automotive sector in Kenya. BC’s deal of the month was Apis Partners’ investment in Direct Pay Online Group (Formerly 3G Direct Pay), one of East Africa’s leading online payments processors for an undisclosed amount. The investment was made from Apis Growth Total no. of disclosed deals in EA Fund I, a private equity fund managed by Apis Partners LLP (“Apis Partners”), a 6 private equity asset manager focused on financial services in the growth markets of Africa and Asia.
    [Show full text]
  • Power Purchase Agreement
    amu power Kenya Power POWER PURCHASE AGREEMENT AMU POWER COMPANY LIMITED AND THE KENYA POWER AND LIGHTING COMPANY LIMITED POWER PURCHASE AGREEMENT FOR 981.5 MW COAL-FIRED POWER PLANT _J+_n+ _Au__G _u_S�I _,2017 2 TABLE OF CONTENTS Clause !:Definitions and Interpretation 6 Clause2: Scope and Duration 26 Clause3: Conditions Precedent and Effective Date 27 Clause4: Site 31 Clause 5: Construction 32 Clause6: Commissioning and Testing 36 Clause7: Operating and Despatch Procedures 43 Clause8: Maintenance and Repair 46 Clause9: Sale and Purchase of Electricity and Fuel Procurement 51 Clause10: Invoicing and Payment 61 Clause 11: Metering 65 Clause12: Insurance 67 Clause13: Undertakings and Warranties of the Parties 68 Clause 14: Force Majeure 73 Clause 15: Termination and Default 80 Clause16: Indemnification and liability 89 Clause 17: Confidentiality 90 Clause18: Dispute resolution 92 Clause 19: Maintenance of Operating Records 96 Clause 20: Project Agreements 98 Clause 21: Miscellaneous 101 Clause 22: Governing Law 104 SCHEDULE 1: FACILITIES TO BE INSTALLED BY THE SELLER 106 SCHEDULE 2: METERING EQUIPMENT 128 SCHEDULE3: DELIVERY POINT 130 SCHEDULE 4: MAINTENANCE ALLOWANCES OF THE PLANT 132 3 fit' SCHEDULES: PROCEDURES 133 SCHEDULE 6: PAYMENT 148 SCHEDULE 7: CONSTRUCTION PROGRAMME 169 SCHEDULE8: PARTIES' ADDRESSES AND NOTICE DETAILS 170 SCHEDULE 9: INSURANCE 171 SCHEDULE10: TAXES 177 SCHEDULE 11: FORM OF KPLC FUNDING FM EVENT NOTICE 1 4 · THIS AGREEMENT is made the -- day of _____20 17. ' .:_1 1l+_ __ __A _u_G_._Gl_\s _·, �i BETWEEN Amu Power Company Limited a limited liability company incorporated in the Republic of Kenya under the Companies Act, Chapter 486 of the Laws of Kenya with its registered office at Floor Geminia Insurance Plaza, P.O.
    [Show full text]
  • Centum Annual Report • 2015 1 Our Mission Our Vision Our Values
    Centum Annual Report • 2015 1 OUR MISSION OUR VISION OUR VALUES To create real, tangible To be Africa’s We deliver to promise wealth by providing the foremost investment We have unity of purpose channel through which channel We are partners investors access and build We invest responsibly extraordinary enterprises in Africa Financial Services Power Education Healthcare Real Estate ICT Agribusiness Fast Moving Consumer Goods (FMCG) 4 Centum Annual Report • 2015 Centum Annual Report • 2015 5 Contents Corporate Information ___________________________________________________________________________________10 Strategic Pillars and Performance Highlights________________________________________________________________11 - 15 AGM Notice ________________________________________________________________________________________ 16 - 17 Notisi ya mkutano wa mwaka wa 48______________________________________________________________________ 18 - 19 Board of Directors____________________________________________________________________________________ 20 - 23 Chairman’s Statement_________________________________________________________________________________ 24 - 29 Taarifa ya mwenyekiti _________________________________________________________________________________ 30 - 34 Management Team___________________________________________________________________________________ 35 - 37 CEO’s Review________________________________________________________________________________________ 38 - 45 Taarifa ya afisa mkuu__________________________________________________________________________________
    [Show full text]
  • Environment Project Report Study for the Proposed 1050MW Coal Power Plant, Lamu County, Kenya
    Environment Project Report Study for the Proposed 1050MW Coal Power Plant, Lamu County, Kenya Report Prepared for Amu Power Company Limited Report No. KT/4085/EPR/00 September 2015 Environment Project Report Study for the Proposed 1050MW Coal Power Plant, Lamu County, Kenya Prepared for: Amu Power Company Limited Geminia Insurance Plaza, Kilimanjaro Ave - Upperhill P. O. Box 61872-00200, Nairobi, Kenya Prepared by: Kurrent Technologies Ltd. Hass Plaza, 4th Floor, Lower Hill Road, P. O. Box 16989 – 00620 Nairobi, Kenya Tel: (+254) 20 273 0308/10 Fax: (+254) 20 273 0296 E-mail: [email protected] September 2015 Compiled by: Approved by: Mr. Sanjay Gandhi – COO Kurrent Mr. Francis Njogu – Group CEO Technologies Ltd. Amu Power Company Limited NEMA Lead Expert – Registration No. 0119 Contents 1 Details of Proponent and ESIA Team ........................................................... 16 2 Introduction .................................................................................................... 17 3 Project description ......................................................................................... 21 3.1 Introduction.......................................................................................... 21 3.2 Project features ................................................................................... 21 3.3 Project components ............................................................................ 24 3.3.1 Power plant ...................................................................................... 24
    [Show full text]
  • Sectoral Coordination in Kenya's Municipal Solid Waste Management
    Law Environment and Development JournalLEAD SECTORAL COORDINATION IN KENYA’S MUNICIPAL SOLID WASTE MANAGEMENT: A HORIZONTAL ASSESSMENT Wambua Kituku, Collins Odote, Charles Okidi & Patricia Kameri-Mbote ARTICLE VOLUME 16/1 LEAD Journal (Law, Environment and Development Journal) is a peer-reviewed academic publication based in New Delhi and London and jointly managed by the Law, Environment and Development Centre of SOAS University of London and the International Environmental Law Research Centre (IELRC). LEAD is published at www.lead-journal.org [email protected] ISSN 1746-5893 ARTICLE SECTORAL COORDINATION IN KENYA’S MUNICIPAL SOLID WASTE MANAGEMENT: A HORIZONTAL ASSESSMENT Wambua Kituku, Collins Odote, Charles Okidi & Patricia Kameri-Mbote This document can be cited as Wambua Kituku, Collins Odote, Charles Okidi & Patricia Kameri- Mbote, ‘Sectoral Coordination in Kenya’s Municipal Solid Waste Management: A Horizontal Assessment’, 16/1 Law, Environment and Development Journal (2020), p. 55, available at http://www.lead-journal.org/content/a1604.pdf DOI: https://doi.org/10.25501/SOAS.00033063 Wambua Kituku,PhD Candidate, Center for Advanced Studies in Environmental Law and Policy (CASELAP), University of Nairobi, Email: [email protected] Collins Odote, Senior Lecturer and Director, Center for Advanced Studies in Environmental Law and Policy (CASELAP), University of Nairobi. Charles Okidi, Professor of Environmental Law, Center for Advanced Studies in Environmental Law and Policy (CASELAP), University of Nairobi. Patricia Kameri-Mbote, Professor of Law, School of Law, University of Nairobi Published under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 Unported International License TABLE OF CONTENTS 1. Introduction 57 2. Concept of Horizontal Environmen-tal Integration and its Implication 59 for Sectoral Coordination in MSWM 3.
    [Show full text]
  • Lamu Coal Power Plant Kenya
    Lamu coal power plant Kenya Sectors: Coal Electric Power Generation Active This profile is actively maintained Send feedback on this profile Created before Nov 2016 Last update: Nov 30 2020 Project website Status Planning Design Agreement Construction Operation Closure Decommission Sectors Coal Electric Power Generation Location Status Planning Design Agreement Construction Operation Closure Decommission Website https://www.amupower.co.ke/ About Lamu coal power plant The proposed Lamu Coal Power Station is a 1,050MW coal power plant which would be located on Kenya's Indian Ocean coast, 20 kilometers from Lamu’s islands and historic Old Town, a UNESCO World Heritage site. The project sponsor is Amu Power Company. The project is expected to cost USD 2 billion and was initially planned to be operational in 2020. Latest developments Industrial and Commercial Bank of China withdraws financing from the Lamu Coal Plant Nov 16 2020 World Heritage Watch's report addresses Lamu communities' concerns Jun 5 2020 Why this profile? The proposed Lamu coal power plant will negatively impact the local economy, the environment as well as local people's health. The construction of the plant will affect Lamu's delicate marine environment which will impact the most important industries of the town: fishing and tourism. The Lamu power plant will also be one of the worst emitters of greenhouse gases on the entire African continent, and exceed all of Kenya's existing emissions from fossil fuel plants. The operation of the plant will also bring about massive health problems throughout Kenya. What must happen The Lamu coal power plant threatens one of the world's greatest natural and cultural sites and is completely incompatible with the Paris Climate Agreement.
    [Show full text]