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18th February 2011

EAIF wins 'African Renewables Deal of the Year' for Olkaria III geothermal power plant

The Emerging Africa Infrastructure Fund ("EAIF"), a Private Infrastructure Development Group (PIDG) Facility, has reinforced its credentials in the project finance sector with its role in the Olkaria III Project - announced today as 'African Renewables Deal of the Year' from Euromoney's Project Finance Magazine in its 2009 'Deals of the Year'.

EAIF Team wins 'African Renewables Deal of the Year'

Nick Rouse (FMFM), Beate Baethke (DEG), Bernhard van Meeteren (FMO) and Orli Arav (FMFM) collect their award for 'African Renewables Deal of the Year 2009'

EAIF, one of the lenders to the project, will share the award with Ormat International and Orpower 4 Inc as the borrowers, together with the advisers Chadbourne & Parke and joint lenders FMO, DEG, Proparco, KfW, EFP and their advisers Trinity International.

EAIF who provided US$15 million of financing to the project is managed by Frontier Markets Fund Managers ("FMFM"), which is a division of Standard Bank.

The Olkaria III Geothermal Power Plant is situated in the Olkaria geothermal steam field, in the Rift Valley Province, roughly 100 km northwest of Nairobi, Kenya.

The project consisted of the development of the geothermal field (including drilling of wells with a capacity of 58 MW) and the construction and implementation of a 13 MW facility, followed by an additional increase in generation capacity to 48 MW.

The project also contributes very positively to the targets of international climate change policies and can replace 120,000 tons of imported oil, mitigating approximately 200,000 tons of CO2 emissions per year.

Commenting, Nick Rouse, Managing Director, FMFM, said: "We are delighted to share the award for this deal from such a well-regarded industry publication. Olkaria III is an outstanding project that will help reduce the cost of power to end users in the region and will be less than that generated from fuel oil or other alternative energy sources."

Project Finance Magazine, part of the Euromoney stable of magazines, is a leading industry title that evaluates new financial instruments and provides detailed analysis of deal round ups.

For more information, visit EAIF.