White & Case advises lenders on financing of 35MW Menengai geothermal project in Kenya

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Global law firm White & Case LLP has advised African Development Bank (AfDB), Trade and Development Bank and Finnfund as lenders on the financing of the 35MW geothermal power project in Kenya.

"Our international team worked closely with the lenders to get this important transaction across the line," said White & Case partner Carina Radford, who co-led the Firm's deal team. "This transaction showcases our experience advising on renewable energy projects in Africa and is a significant step for Kenya to achieve its energy transition goals."

Menengai is a greenfield geothermal project and part of the first phase of the wider Menengai complex, one of the largest geothermal fields being developed in Kenya. Steam will be supplied to the project by Geothermal Development Company (GDC), a Kenya government-owned company under a 25-year project implementation and steam supply agreement. Once operational, electricity will be sold to Kenya Power, the national distribution company, under a power purchase agreement for the same timeframe.

AfDB is mandated lead arranger. Globeleq, which is 70 percent owned by British International Investment and 30 percent by Norfund, is providing equity, project development and construction management experience. The announcement follows the recent joint commitment by the Kenyan and UK Governments at COP27 in Egypt to fast-track green investment projects worth KES500 billion in the country, including the Menengai project.

The White & Case team that advised on the transaction was led by partners Carina Radford (London), Joz Coetzer (London & Johannesburg) and Gareth Hodder (Johannesburg), and included partners Tom Falkus (London) and Toshio Dokei (Tokyo), local partners Waad Alkurini (Riyadh), Matthew Richards (Johannesburg) and Greg Pospodinis (Dubai) and associates Mark Andrews, Phillan Amin, Tom Wilkinson, Lauren Vallender, Asad Khan, Yajur Kapoor (all London), Andrea McKaiser-Walburgh, Sara Hartman (both Johannesburg), Ghislaino Kamdo and Salewudin Ibrahim (Dubai).

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