Kenya Power (KPLC), Kenya’s power utility, received from the Standard Chartered Bank a Sh50 billion (around $500 million) funding which came in two tranches. The first, $346 million was guaranteed by the World Bank and is repayable over 10 years. The second, $149 million is repayable over 7 years. Each of these tranches has a 2-year grace period.

Proceeds of these loans will be used to refund KPLC’s commercial loans. The company also plans to cut its overall operating costs, extend deadlines for debt-payment and reinforce its treasury.

Standard Chartered is not the only bank to support Kenya Power. The firm recently got $133 million from the African Development Bank to add 300,000 homes and businesses to the national power grid.

Gwladys Johnson