In the second quarter of last year the bank approved the loan for the run-of-river project, and the sum was cited as Euro100M which was then equivalent to approximately US$135M.
On signing the loan the bank said the sum was for Euro92M but in dollar terms the amount was about the same given the change in currencies over the intervening period.
The loan was made to Bujagali Energy Ltd (BEL), which is a JV between Kenya-based Industrial Promotion Services (IPS) and US-based Sithe Global Power.
As a scheme, Bujagali has been under development since the 1990s. There was subsequently a change in developer and eventual support from funders has led to a scheme that is due to be commissioned in 2011. Construction work started in the last half of 2007.
