(4 minutes read)
· Jubilee Holdings Limited (JHL), Kenya has added 9.44 percent stake in Bujagali’s equity. It has brought the stake from its technical partners -SN Power – for a consideration of US$ 40 million (Sh4.2 billion)
· JHL’s shareholding in Bujagali Energy Limited (BEL), the special purpose company that owns the 250MW Bujagali Hydropower Project (“Bujagali”), has gone up from 8.8 percent to 18.24 percent.
· The asset base of BEL is approximately US$900m and is financed through a combination of equity and debt financing.
Jubilee Holdings Limited (JHL), Kenya has added 9.44 percent stake in Bujagali’s equity. It has brought the stake from its technical partners -SN Power – for a consideration of US$ 40 million (Sh4.2 billion).
Now, JHL’s shareholding in Bujagali Energy Limited (BEL), the special purpose company that owns the 250MW Bujagali Hydropower Project (“Bujagali”), has gone up from 8.8 percent to 18.24 percent. The asset base of BEL is approximately US$900m and is financed through a combination of equity and debt financing.
The enhanced investment of JHL is part of its strategy to hold a broadly diversified and conservative portfolio of investments amounting to Sh111.2 billion. The company has a total asset base of Sh130.2 billion as of 31st December 2019.
The portfolios of JHL include quoted securities, government bonds, real estate, unquoted securities and projects that generate US dollar returns, including interests in Farmer’s Choice, PDM and Seacom. SN Power, even now owns a majority of 55.45 percent shares in BEL. The company also invests in clean, renewable energy on a commercial basis
in emerging markets. The company’s primary focus is on hydropower and is fully owned by Norfund, the Norwegian Investment Fund for Developing Countries.
The BEL is a successful public private partnership (PPP) in the power sector in Sub-Saharan Africa. It is a role model for other PPP projects in the region. The project has created over 200,000 indirect
jobs and is supporting over 800,000 new electricity connections.
