Finance

U.S. Everstrong Capital seeks $45mln for investments in Kenya

Monday, 07 December 2020 17:59
U.S. Everstrong Capital seeks $45mln for investments in Kenya

(Ecofin Agency) - US asset manager Everstrong Capital plans to raise nearly $45 million for its investment fund Kenya Infrastructure Fund dedicated to financing a variety of projects related to water, health, transport, information and communication technologies (ICT), with a focus on the energy sector.

The investment vehicle to be deployed in Kenya has already received commitments from private and institutional investors. Its first closing is announced for Q1 2021.

“We are in the middle of the fundraising and have had a successful 12 months talking to local and international investors, where we have received several commitments. We expect the first close in the first quarter of next year,” said Henry Kyanda, CEO of Everstrong.

The U.S. manager recently opened a representative office in Kenya following the one in South Africa. Everstrong Capital, which operates two power generation companies in Kenya, will be able to strengthen its presence and operations in the country with its dedicated project finance vehicle.

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