Could carbon projects be like that puffy 'mandazi' that you bite into and discover that it was a pocket of air? This is arguably the case, for some communities in Kenya whose high hopes for carbon credits have been dashed.
Judy Muigai has expertise in debt restructuring and insolvency, infrastructure and energy projects and tax. Judy has worked on large restructuring and debt recovery matters including a settlement arrangement for a debt of USD70 million owed by a state corporation to a prominent commercial lender and advising leading local banks and a European DFI regarding enforcement options in respect of a large local manufacturer. She has also advised lenders on restructuring the debt for a large urban mixed use real estate development in a neighbouring country including a suite of restructuring agreements and an enhanced security package.
Judy also has experience in supporting public and private sector players regarding energy and natural resource projects including reviewing agreements for geothermal and wind power projects, providing legal opinions, and supporting legal reform initiatives.
Judy’s clients cut across various sectors including oil & gas, aviation, power, healthcare, real estate, and consulting sectors. Prior to joining the Firm, she worked at GE as a Regional Tax Manager and PriceWaterhouseCoopers as an Associate Director.
Experience has included advising:
- On power project agreements in Kenya including hydro power projects, a 50MW wind power project and a 70MW geothermal power plant.
- On reforms to the Mining Code of an Eastern African country and presenting proposals in a Kenyan Mining round table event attended by senior government officials.
- EPC contractors on specific aspects of agreements in respect of projects with the Kenya Airports Authority and the Kenya National Highways Authority.
- On the structure of a large hotel and urban retail developer.
- A large manufacturer and a multinational energy producer on export processing zones and special economic zones.
- On restructuring and debt recovery for local and international secured lenders to a large manufacturing concern in Kenya.
- A global aviation sector player on approval processes and requirements.
Professional Qualifications
- Fellow of the Association of Chartered Certified Accountants (ACCA), 2012
Education
- University of Warwick, LL.M (International Economic Law), 2002
- Keele University, LL.B (Law and Management Science), 2004
- Cornell University, Certificate in Business Strategy, 2015
Prior Experience
- 2019 to date, Director, Projects, Energy & Infrastructure, IKM Advocates, DLA Piper Africa in Kenya
Kenya is no stranger to carbon trading. In fact, the Berkeley Carbon Trading Project Voluntary Registry Offsets database ranked Kenya as the second-largest issuer of voluntary carbon market credits in Africa in 2022, trailing the Democratic Republic of Congo.
Globally, climate change is recognized as one of the most serious threats to humanity. The Paris Agreement, which was a global response to climate change, recognizes the need for adequate funds to finance the reduction of greenhouse gas (GHG) emissions and climate-resilient development. Dubbed ‘transition finance’, the funding needed for the transition to a low-carbon sustainable future is fundamental to the fight against climate change.
Today, businesses are compelled to prioritize ESG in their commercial and investment strategies. Stakeholders, including investors, customers, employees, and regulators, expect responsible and sustainable operations and that organizations develop a clear blueprint for achieving ESG objectives. Boards recognize the benefits of integrating ESG into their decision-making as an organization’s social license may depend on it.
After two decades, the Investment Promotion Act is due for an overhaul and the Investment Promotion and Facilitation Bill 2023 is the result. The Bill has been the subject of debate as we assess whether it goes far enough to attract impactful investments while shielding us from bandits masquerading as legit investors.