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Renaissance Capital, an emerging markets-focused investment bank, has been appointed Lead Transaction Adviser for a $290 million rights issue launched by the Kenyan Electricity Generating Company (KenGen).

Igor Vayn, Rencap’s CEO, made this disclosure during the company’s annual Pan-Africa Investor Conference, which held in Lagos this week.

Vayn said the KenGen rights issue is the largest capital raise in East Africa in eights years and the largest equity capital raise in Sub-Saharan Africa in two years.

“Renaissance Capital is committed to strengthening its presence in Africa and facilitating further development of the continent,” Vayn said.

KenGen, which is the largest power producing company in Kenya, launched an ambitious growth plan last year to add 766 megawatts of additional generating capacity by 2020, mostly from geothermal sources.

The company currently has an electricity generation installed capacity of 1,611 MW and accounts for 70 percent of national installed capacity in Kenya.

Founded in 1995, Moscow-based Renaissance Capital is a leading emerging and frontier markets investment bank with operations in Russia, Eastern Europe, the Middle East, Asia and Africa, as well as offices in global financial centres, such as London, New York and Dubai.

In November 2012, Onexim Group, one of Russia’s largest private investment funds, acquired 100% stake in Renaissance Capital.