What is the news?
Power Grid Corporation of India Limited (POWERGRID) has signed a Joint Development Agreement with Africa50 to develop the Kenya Transmission Project.
What is the Kenya Transmission Project?
The Project aims to develop power transmission lines in Kenya under a public-private partnership framework.
Under the project, POWERGRID will provide technical and operational know-how to the project, while Africa50 will bring its project development and finance expertise and will act as a bridge between the Kenyan government and private investors.
Once completed, the project will be the first Independent Power Transmission (IPT) in Kenya and will set a reference point in Africa as the first financing of transmission lines on a PPP basis.
What is Africa50?
Africa50 is an infrastructure investment platform that contributes to Africa’s economic growth by developing and investing in bankable infrastructure projects, catalyzing public sector capital, and mobilizing private sector funding, with differentiated financial returns and impact.
Currently, Africa50 has 31 shareholders comprising 28 African countries, the African Development Bank, the Central Bank of West African States (BCEAO), and Bank Al-Maghrib.
Source: This post is based on the article “POWERGRID and Africa50 in Joint Development Agreement, to pioneer Africa’s first transmission PPP project in Kenya” published in PIB on 12th January 2022.