Anergi and Standard Bank refinance LTWP acquisition facility

26 January 2023

Anergi and Standard Bank are pleased to announce closing on a EUR50 million facility to, amongst other things, refinance an acquisition facility that was put in place to fund Anergi’s acquisition of an additional 12.5% stake in Lake Turkana Wind Power, Africa’s largest renewable power project. 

Lake Turkana Wind Power owns and operates Africa’s largest wind farm (310MW), comprising 365 wind turbines. The wind farm is in the Loiyangalani District of Marsabit County in Kenya, provides reliable, low-cost energy to Kenya’s national grid and constitutes approximately 17% of Kenya’s installed capacity. 

Anergi and Standard Bank are long-standing partners, having collaborated as sponsor and debt funder (respectively) in developing some of the largest recent independent power projects in Africa’s energy sector, such as Lake Turkana Wind Power and Azura.  

Omosuyi Fred-Omojole, Head of Corporate Development at Anergi, commented: “This refinancing implements a strategic objective of Anergi to secure refinancing debt on the best terms available in the market. We are pleased to have collaborated with Standard Bank on this transaction.” 

Mulalo Takaedza, Senior Vice President at Standard Bank, commented: “Power remains a persistent challenge on the continent for the foreseeable future, and Standard Bank is committed to supporting renewable energy projects that aim to address this challenge. We are pleased to have supported Anergi with funding required to enable it to accelerate the development of energy infrastructure and the sustainable development of Africa.”  

About Anergi 

Anergi is a leading diversified power company that develops, owns and operates power plants across sub-Saharan Africa. Anergi’s portfolio comprises five operating assets, that produce a combined gross +1,413 MW thermal and renewable energy. The portfolio supplies energy to about 23 million customers across four African countries: Ghana, Kenya, Nigeria and South Africa. Anergi develops energy projects in countries within sub-Saharan Africa with the goal of being a leading Africa-focused power company. Anergi is wholly owned by the Pan-African Infrastructure Development Funds managed by Harith General Partners, a leading pan-African fund manager for infrastructure development.  

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About Standard Bank

Standard Bank is the largest African bank by assets with a unique footprint across 20 African countries. Our strategic position enables us to connect Africa to other select emerging markets as well as pools of capital in developed markets, and our balanced portfolio of businesses provide significant opportunities for growth. 

The bank has over 54 000 employees, over 1 200 branches and 8815 ATMs on the African continent enabling it to deliver a complete range of services across personal and business banking, corporate and investment banking and wealth management. Standard Bank’s Corporate and Investment Banking division offers its clients banking, trading, investment, risk management and advisory services to connect selected emerging markets to Africa and to each other. It has strong offerings in mining and metals; oil, gas and renewables; power and infrastructure; agribusiness; telecommunications and media; and financial institutions.

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