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VENTURES AFRICA – Kenyan-based Kwale International Sugar Company Limited (KISCOL), one of Africa’s largest green field projects, says its milling factory preparations is on schedule to commences by the end of June 2014.
A statement released on KISCOL website confirmed that work has fully commenced in its milling factory located at the Old Ramisi Sugar Company in Kwale County.
KISCOL is developing a $200 million sugarcane growing and processing facility, and a biomass power plant. Its main activities include processing of sugarcane for the production of sugar, ethanol and electricity.
It incorporates 5,000 hectares of cane cultivation in its own land (nucleus) plus 4,000 hectares by out-growers, a 3,000 tonnes of cane-crushed-per-day sugar mill, an 18 megawatt bagasse-fired power plant and a sophisticated sub-surface drip-irrigation system, resulting in affordable, local sugar.
Bagasse, a by-product of sugar production, will be the main raw material for electricity generation with 80 percent of electricity produced being used by the factory and 20 percent supplied to the National Grid to ease Kenya’s demand for power.
The KISOL project is ranked as one of the biggest private investments in the region and is said to have achieved its status of financial close in a record-breaking time with CFC Stanbic and PTA Bank being the lead financiers for the cane project.
The project which commenced as a Pabari Investment Limited flagship project – a family owned Investment Company formed in the 1950s with initial core business being distribution of food products to Kenya and the regional markets, was launched by former President of Kenya – Mwai Kibaki – in November 2007.
KISCOL is 75 percent owned by Pabari Investment Limited while Omnicane Ltd, a sugar miller listed in the Mauritius Stock Exchange, owns the remaining 25 percent stake.