Italian firm CMC Ravenna has secured €306mn of financing for the construction of the Itare dam in Kenya.

BNP Paribas and Intesa Sanpaolo acted as mandated lead arrangers on the deal, which is split between a €270mn tranche guaranteed by Sace, and a commercial tranche of €36mn. Intesa Sanpaolo will also act as Sace agent.

The dam will improve access to drinking water in the surrounding areas, and is part of Kenya’s ‘Vision 2030’, which aims to improve the country’s quality of life through public investment in various infrastructure and energy projects.

The project also includes a water treatment plant and pipelines to transport water to surrounding areas.