The Controller of Budget Margaret Nyakang’o has revealed that officials from the National Treasury secretly visited Adani Group in January.
The visit by the two National Treasury officials was funded by the taxpayers at a cost of about Sh. 1.2 million.
The two officials, Nyakang’o stated, visited Adani over an energy deal. The visit took place from January 27 to February 1, 2024.
“Engage in discussions with the PPP Directorate and Adani Energy Solutions to facilitate the implementation of their transmission PPPs,” Nyakang’o stated in the National Government Budget Implementation Review report for FY 2023/24.
In the energy deal, the Adani Group is being tasked to build high-voltage power transmission lines. The company will do this through its subsidiary known as the Adani Energy Solutions Limited. With this deal, Adani will then ask for Sh. 634.7 billion from Kenyans over the next 30 years.
To finance this project, Adani has proposed to go for a 70 per cent debt and 30 per cent equity financing model, in which only 30 per cent of the investment will be its own money while the remainder of 70 per cent will be loans whose sources the company is yet to disclose.
Adani: State lines up decades-long JKIA, Energy, Healthcare ‘deals’ for Indian firm
The State has also lined up deals in healthcare and transportation for the Indian firm. The deals have attracted immense criticism, in particular the attempt by the government to lease the Jomo Kenyatta International Airport to Adani for a period of 30 years.
