The African Export-Import Bank has received the Euromoney Power Deal of the Year Award for 2017 for Africa and Europe.
At the award ceremony held in London on 7 March, the organisers said that the Bank was being recognized for its role in the $225 million syndicated term loan facility in favour Yumn Limited of Rwanda for the development of an 80 MW peat fired power plant in Rwanda’s Gisagara District.
Afreximbank participated in the syndication in the amount of $35 million.
The award ceremony was organised by IJGlobal Limited, UK, a unit of Euromoney.
An Afreximbank team led by Kofi Adomakoh, Director, Project Finance, which including Oluranti Doherty, Manager, Export Development, and Ayo Mubarak, also of the Project Finance Department, attended the ceremony and received the award on behalf of the Bank.
Also present for the award were representatives of the African Finance Corporation, one of the lenders; Themis Advisory, the financial advisor; Yumn-M Corporation and Quantum Power, the Sponsors.
The Project is structured under a “Build, Operate, Own and Transfer” contract with a 30-year concession and power purchase agreement. It carries a full government guarantee from the government of Rwanda, securing the payment obligations of the Rwanda national Electricity and Utility Company, the off-taker.
The project includes the financing, construction, commissioning, operation and maintenance of the peat production and power generation facilities to develop the power plant.
Other participants in the transaction are the Africa Finance Corporation; the Preferential Trade Area Bank; the East African Development Bank; the Development Bank for Southern Africa; and the Finnish Fund for Industrial Cooperation Ltd.
Yumn Limited, the borrower, is a Special Purpose Vehicle incorporated in Rwanda to undertake the development of the project. Its majority shareholders are Yumn-M Corporation of Mauritius and Quantum Power of Mauritius.
Oluranti Doherty, Manager, Export Development, Afreximbank (displaying the award certificate), with Kofi Adomakoh, Director, Project Finance (centre), and Matty Vengerik of Hakan.