The 14.7MW Kaptis run-of-river hydropower project developer, Tembo Power , has signed a Joint Development Agreement with Metier , a private equity fund manager, together with its partner WK Construction . This agreement allows the partners to appoint lenders and prepare for financial closure, expected later this year, and to start construction.
The project will form part of the Metier Sustainable Capital International Fund II. Metier has committed to provide financial support prior to actual financial closing of the project as well as taking a 40 per cent stake in the project. WK Power will hold 20 per cent, while Tembo Power will hold 40 per cent.
WK Construction will be the preferred EPC contractor for the Kaptis project in Kenya.
Tembo Power plans to develop, finance, and operate power generation assets in sub-Saharan Africa. It is currently raising $100 million for its first batch of projects totalling 187MW across Kenya, Burundi, and the Democratic Republic of Congo.