Consortium acquires a 95% interest in Kelvin Power

19 September 2007 News

A consortium led by infrastructure funds managed by the Macquarie Group, Old Mutual Investment Group and Kagiso Trust Investments has announced that the consortium has completed the acquisition of a 95% interest in Kelvin Power, the 600 MW coal-fired power station in Johannesburg.

A consortium led by infrastructure funds managed by the Macquarie Group, Old Mutual Investment Group and Kagiso Trust Investments has announced that the consortium has completed the acquisition of a 95% interest in Kelvin Power, the 600 MW coal-fired power station in Johannesburg.

The consortium, which also includes Aldwych Kelvin Holdings, a subsidiary of Aldwych International, the Netherlands Development Finance Company (FMO) and J&J Infrastructure Holdings, brings significant investment and operating experience to Kelvin and, by supplementing the incumbent shareholder Global African Power, increases the empowerment shareholding in Kelvin to over 20%. An Aldwych subsidiary will operate the plant under a long-term operations and maintenance agreement.

Kelvin Power had been indirectly managed by Investec Bank and Nedbank, the senior lenders to Kelvin, since early 2006 and both banks will remain senior lenders to the business after this new transaction. Financial details of the transaction have not been disclosed.

Commenting on the acquisition, Kelvin's new general manager Steve Meyer remarked: "We believe that Kelvin can play an important role in improving security of supply for Johannesburg, especially in light of the current state of the country's generation issues."

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