Ruth Kirunga

Email: RKirunga@kapstrat.com
Position: Partner
Practice Area: Aircraft Leasing & Financing | Banking Insurance & Telecommunications | Joint Ventures, Mergers & Acquisitions | Privatisation, Project Finance & Infrastructure | Structured Finance

Ruth is a Partner in the Corporate/Commercial department. She jointly heads the firm’s Projects, Banking and Finance practice as well as the Aircraft Leasing practice.

Ruth advises clients on a wide range of banking and finance matters ranging from conducting legal due diligences and forensics; loan financing arrangements; capital markets; advising on aircraft finance and leases; drafting and reviewing commercial agreements and advising and assisting clients with business establishment in Kenya.

Ruth’s client portfolio comprises primarily of local and international banks and, developmental financial institutions, local and international corporate clients, property developers and foreign investors looking to establish a business presence in Kenya.

• Advocate – High court of Kenya

• English
• Swahili

• Advising Alten Energias Renovables on the finance aspect of its USD 45 million development of a photovoltaic cell solar power plant in Kenya with an installed capacity of 40MW. The project is one of the largest solar power projects in Kenya and East Africa.
• Advising European Investment Bank (EIB) and Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO) in their USD 52,938,000 loan to Selenkei Investment Limited and USD 52,938,000 loan to Cedate Limited for the development, procurement, construction, commissioning and operation of two 40 MW solar power plants.
• Advising DEG and FMO on its USD 9 million loan to Primefuels Kenya Limited a logistics provider of bulk liquid, dry cargo and petroleum supply to various markets in the East Africa region.
• Advised Standard Bank and Stanbic Bank Kenya Limited on its receivables based syndicated KES equivalent of up to USD 40,000,000 loan to M-Kopa a Kenyan solar energy company.
• Advised HSBC Bank Plc, Eurobank Ergasias S.A., Eurobank Private Bank Luxembourg S.A., Alpha Bank A.E., Citibank N.A. and other ancillary lenders in connection with the restructuring of Frigoglass S.A.I.C. and its subsidiaries. Deal value for the Kenyan securities was USD 508,862,530.
• Local counsel to Unicredit S.p.A, Intesa Sanpaolo S.p.A. Dubai branch, Unicredit Bank AG and Société Généralé Milan Branch and SACE S.p.A. on the Euros 441,404,102.51 loan to the Government of Kenya regarding the export credit financing for the engineering, procurement, construction and financing of the infrastructure related to Phase 1 of Konza Techno City.  Konza City is intended to be ‘Africa’s Silicon Savannah’.
• Currently advising various lenders in the financing of a local geothermal power development project with a value of over USD 100 million.
• Advised the Joint Lead Managers on the issue of USD 2.5 Billion Sovereign Bond by Republic of Kenya.
• OPIC; Loan to Kipeto Energy Limited; Acted for OPIC on its USD 232 million financing of the Kipeto wind power project.
• Stanbic Bank Kenya Limited; Advised Stanbis Bank Kenya Limited in its KES 11.5 billion loan to East African Breweries Limited.
• Advised various lenders in the financing of a local solar power development project with a value of over USD 100 million.
• Financing of the Republic of Kenya; BNP Paribas Fortis S.A./N.V. and Intesa Sanpaolo S.P.A. as the mandated lead arrangers; Euros 306,129,860.54 export buyer credit financing.
• IFC; loan to Chase Bank (Kenya) Limited; Acted for IFC on its USD 25 million to Chase Bank (Kenya) Limited.
• IFC; loan to NIC Bank Limited; Acted for IFC on its USD 25 million A Loan and USD30 million C Loan to NIC Bank Limited.
• Advised World Bank in the proposed financing of the Kenya Roads Board.
• Advised IFC in the restructuring of Kenya Commercial Bank Limited.
• Advised the Joint Lead Managers on the issue of USD 2 Billion Sovereign Bond by Republic of Kenya and a further tap of USD 750 million.
• Financing of the Republic of Kenya; the Export Import Bank of China, – USD 2,003,584,028.87 secured Buyer Credit Loan Financing of Standard Gauge Railway to be carried out by Kenya Railway Corporation
• Financing of Africa Railways Logistics Limited; CfC Stanbic, USD 20 million security package by Kenyan subsidiary re financing of various railway locomotives.
• Financing of VTTI BV;  USD 270,000,000 financing with guarantees from Kenyan subsidiary.
• Financing of Credible Blooms Limited; SFC Finance Limited; USD 2 million financing.
• Financing of Tata Chemicals Magadi Limited; Rabobank; USD 59 million financing.
• Proparco; loan to I&M Bank Limited; Acted for Proparco on its USD 26,000,000 and € 10,000,000 loan to I&M Bank.
• DEG and FMO; loans to Co-operative Bank of Kenya Limited; Kenyan counsel for DEG and FMO in connection with their loan of USD 52,500,000 to Co-operative Bank.
• Financing of the Company for Habitat of Housing in Africa, “Shelter Afrique”; CfC Stanbic Bank Limited; a KES 8 Billion Note Issue.
• Financing of Kenya Airways; African Export-Import Bank as mandated lead arranger; a circa $2 billion pre-delivery and delivery financing for Kenya Airways Limited of 10 Embraer E-190 aircraft, 9 Boeing 787 aircraft and 1 Boeing 777 aircraft.
• Financing of a company providing solar-powered residential charging systems; Acumen Fund Inc., Lundin Foundation; USD 2 million term loan facility; structuring security over M-Pesa accounts
• Acted in the financing of The Company for Habitat and Housing in Africa, “SHELTER-AFRIQUE”      in the Issue of Shs.3,000,000,000 medium term note programme on the Nairobi Securities Exchange.
• Financing of the Company for Habitat of Housing in Africa, “Shelter Afrique”; CfC Stanbic Bank Limited; a KES 8 Billion Note Issue.