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Kinangop Wind Park placed under receivership after pulling plug on Ksh15B project
Credit: By Michael Karanja, Citizen Digital | Published on 3 May 2016 | citizentv.co.ke ~~
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Translate: FROM English | TO English
Kinganop Wind Park limited (KWP) has been placed under receivership, two months after it pulled the plug on a Sh15 billion shillings wind power project.
Messrs Muniu and Kuria Muchiru from PwC have been appointed as the receiver managers of the firm seizing all operations and assets of the firm.
“Additionally, the powers and authority to enter into contracts on behalf of the company or commit the company in any way rests with the receivers,” the receiver managers said in a statement in the dailies.
The firm had in 2013 proposed to build a 61 megawatt wind farm in Nyandarua County, but tussles with landowners delayed the start of the project eventually leading the investors to pull out of the project.
By the time of pulling out, KWP had sunk USD66 million (Sh6.7 billion) with little results.
“Furthermore, due to the consequent material delay, project funds have been depleted and the project can no longer be completed by the shareholders,” KWP Chief Executive Officer James Wakaba said back in February.
Since 2014, negotiations between affected and owners and the energy firm have stalled with constant protests from the residents.
Energy and similar projects are increasingly facing headwinds due to politically-instigated protests by local communities, potentially delaying the addition of much needed power to the national grid.
In a meeting with governors back in February, the Government alluded to the fact that land squabbles and rising land prices were a major stumbling block to the implementation of projects in the country.
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| Tag: Victories |
