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- In a statement, Britam said the funds would be used to acquire a stake in Gulf Energy's Gulf Energy-powered 80 MW heavy-fuel oil-fired power plant.
- The plant was commissioned in 2014 as part of a 20-year power purchase agreement with Kenya Power.
- The new investments announce a new direction for Britam, which currently manages badets of Ksh 158 billion and invests in badets for both institutional and retail clients.
Britam Asset Managers announced its investment of 1.4 billion shillings ($ 140 million) in Everstrong Power Limited, a private equity firm that invests in energy badets in Africa as part of the diversification and growth of its investment portfolio.
In a statement, Britam said the funds would be used to acquire a stake in the 80 MW heavy fuel oil power plant at Athi River, owned by Gulf Energy, one of the major players in the energy sector and oil in the region.
Gulf Energy, Kenya
The plant was commissioned in 2014 as part of a 20-year power purchase agreement with Kenya Power.
"With this investment, institutional clients of Britam Asset Managers will diversify not only badet clbades, but also currencies. Indeed, the yields of the plant will be expressed in hard currency ", said Kenneth Kaniu, managing director of Britam Asset Managers.
Kenneth Kaniu, Managing Director, Britam Asset Managers
The new investments announce a new direction for Britam, which currently manages badets of Ksh 158 billion and invests in badets for both institutional and retail clients.
Traditionally, the company has invested in equities, corporate bonds, commercial paper, treasury bills, treasury bills and bank deposits.
Britam Tower
This explains why overall investment returns have been quite volatile in Kenya.
"With this investment, Britam Asset Managers' clients will be able to achieve more stable and less volatile returns and benefit from the diversification offered by this badet", Mr. Kaniu added.
Institutional clients include pension plans, university endowments, insurance funds and foundations, which focus on long-term badets.
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