Drilling works resume at Akiira geothermal site in Kenya

KENYA – Drilling works are set to resume at the Akiira geothermal site in the Rift Valley, western Kenya after the local population gave the green light to its owner, Akiira Geothermal Company to continue work after months of blockade. The local communities, particularly those in Kedong and Lapland in Naivasha, were concerned about the environmental impacts of geothermal installations. The concession is operated by a consortium of Centum Investments Company, Marine Power Generation, DI Frontier Energy Carbon Fund and Ram Energy. To gain the support of the protesters, Akiira…

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Kenya’s Centum Investment to issue US$36.7m real estate bond

KENYA – East Africa’s leading investment company, Centum Investment Company Plc, through its subsidiary Centum Real Estate Limited, is looking to float a US$36.7 million project bond to finance its ongoing housing projects. The proceeds from the bond issue will be allocated exclusively to the subsidiary’s ongoing affordable, middle-income and high-end housing projects in Kenya. Centum Real Estate has approved a project pipeline of 4,426 residential units, of which the first phase of 2,000 units is either under construction or pre-selling. Recently, the company handed over 96 high end homes…

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General Electric abandons Kenya’s Lamu coal power plant deal in energy policy shift

KENYA – American conglomerate General Electric (GE) will walk away from an agreement to build Kenya’s 1,050-megawatt coal-fired power plant in Lamu as it shifts to renewable energy. The move marks the latest setback for the proposed project by Amu Power, a joint venture in which Centum Investment Company is the majority shareholder with a 51 percent stake. “GE has announced that it intends to exit the new-build coal power market, subject to applicable consultation requirements,” the multinational said in a press release. “GE’s Steam Power business will work with…

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Centum Investments raises US$65m to finance operation across East Africa

KENYA – Centum Investment has raised US$65million (Sh6.5 billion) from South Africa-based Nedbank for bankrolling ongoing projects across East Africa. The re-financing deal was signed between the Nedbank Corporate and Investment Banking (CIB), the Nedbank property finance division, and Centum Real Estate, the real estate arm of Centum. “Nedbank provided the financing to consolidate Two Rivers’ debt facilities and is currently working on five deals with Centum, which include developments in Kenya and Uganda,” Gerhard Zeelie, Nedbank CIB Africa divisional executive for property finance was quoted by South African media.…

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Centum Investment to sell stakes at Coca-Coca bottlers for US$192.5m

KENYA – Kenya’s Centum Investment is set to sell its stakes held in two Coca-Cola franchise bottlers in Kenya, Almasi Beverages Limited and Nairobi Bottlers, at a total valuation of US$192.5 million (Shs 19.5 billion). The company’s chief execytive officer, James Mworia, said that Centum has entered into an agreement to sell its stakes in the two bottlers to Coca Cola Beverages Africa (CCBA). Subject to regulatory approval, the deal is set to be closed in the next four months. “The achieved exit valuation speaks to the success of our…

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