Kenya Annuity Road Programme’s Financing of Lots 15 and 18

In UK Clifford Chance, advised on the matter.

Bowmans advised Stanbic Kenya, Standard Bank with a team including

Clifford Chance advised Stanbic Kenya, Standard Bank with a team including Jeremy Connick (Project), Michael Pearson (Picture – Project), David Metzger (Real Estate).

The Annuity Programme is an initiative of the Kenyan Government which is directed at the delivery of critical upgrades to 10,000km of roads, which will support local commerce, tourism and agriculture.

Individual procurements under the Annuity Programme are allotted and financed as separate Lots. Lots 15 and 18 are the first Lots to be financed on a truly limited-recourse basis and duplicating that approach going forward is critical to ensuring that the balance sheet capacity of participants does not limit development, and for the ambitions of the Annuity Programme more broadly to be realised.

The cross-practice Clifford Chance team was led by senior associates Praveen Jagadish and Prakruthi Gowda, supported by partners Jeremy Connick and Michael Pearson (Picture). Specialist construction input was provided by David Metzger (partner) and Simon Smith (senior associate), whilst the team also included Dolly Aheto-Tsegah and Dominic Behar (both associates).

The Bowmans team was led by Aleem Tharani (Head of Projects, Energy & Infrastructure (Kenya)), with support from senior associates Edwin Baru and Candice Kola, and associate Sidharth Shah. Specialist construction input was provided by Stephanie McDonald (Senior Consultant, Project Finance) and Lea-ne Kapnoudhis (associate).

Involved fees earner: Edwin Baru – Bowmans; Lea-ne Kapnoudhis – Bowmans; Candice Kola – Bowmans; Sidharth Shah – Bowmans; Aleem Tharani – Bowmans; Dolly Aheto-Tsegah – Clifford Chance; Dominic Behar – Clifford Chance; Jeremy Connick – Clifford Chance; Prakruthi Gowda – Clifford Chance; Praveen Jagadish – Clifford Chance; David Metzger – Clifford Chance; Michael Pearson – Clifford Chance; Simon Smith – Clifford Chance;

Law Firms: Bowmans; Clifford Chance;

Clients: Stanbic Kenya; Standard Bank;

Author: Giulia Di Palma