This archive report was first published on 20 April 2020.
On April 20, 2020, a dispute emerged between Danish firm AP Moller Capital and South African AEP Energy Africa over the acquisition of a 52.4-Megawatt thermal power plant in Nairobi.
The power plant, owned by Iberafrica, was initially set to be acquired by the two firms in a joint bid worth Sh6.22 billion in 2018. However, AEP Energy Africa opted to put the deal on hold, citing a lack of ready funds.
AP Moller Capital has since acquired the power plant, sparking allegations from AEP Energy Africa that the Danish firm used insider information to close the deal. AEP Energy Africa claims that AP Moller Capital took advantage of its lack of funds to acquire the plant.
The dispute has been taken to the Common Market for East and Central Africa (Comesa) Competition Commission, with AEP Energy Africa filing a complaint against AP Moller Capital.
EPRA Director-General Pavel Oimeke stated that the complaint was received, but the acquisition was approved within Kenyan laws after Iberafrica terminated its earlier deal with AEP Energy Africa due to the South African firm's failure to finalize financing.
