Without solvent captive buyers - in this case KPLC and a PPA - in the bag, the risk of a project is higher.
This is true for most projects whether the buyers are wholesale or retail.
KPLC has millions of captive buyers of its power but they are limited in what quantity they need to buy and at what price they will pay. Electricity can be substituted for some uses e.g. cooking with LPG instead of electricity.
Or at a high enough price, some e.g. cement producers may set up power plants since they are themselves large CAPTIVE users and a well-designed and right-sized plant should break-even with the cement plant's needs.
Does Centum have a PPA for Akiira? Yes (Investor Briefing)
Is this PPA limited to "Akiira"? Perhaps and if so then it may not be transferable to another area/SPV.
Does KenGen have a PPA for the 140MW project?
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If yes, then the project's attractiveness just went up vs one without a PPA.
One risk all those with PPAs with KPLC have to consider is KPLC's continued solvency when politics trumps sensibility.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett