ANKAMIA RIDGE INVESTMENTSKDC LOAN ASK — HASS + CRUDE OIL
Open Annex → workings
Kenya Development Corporation — loan ask

200-acre Hass + crude oil

Phased orchard (50ac/yr × 4) with own crude press (Yr4 + Yr7). Repayment from assigned fresh-fruit and crude-oil proceeds.

Amount requested
KES 77.4M
70.36M works + 10% contingency
Tenor / interest
10yr / 12%
as modelled; KDC to confirm
Principal grace
3 years
Yr0–3 interest-only; first harvest Yr3
Repayment source
Crop + oil assignment
collection account waterfall
How to open the workings
Click Open Annex → workings (top right). It holds the full Yr0–10 revenue, cost, press-phasing and DSCR tables behind this ask.
Project

Four 50-acre phases turn virgin bush into steady contracted supply.

Land is virgin: slashing, holing, seedlings and drip per 50ac phase (piece work). Drip water from nearby river (WRA abstraction permit required). On-farm shed is wash + sort + store only, no cooling — same-day dispatch. Exporter's packhouse is ~300km away; exporter collects at our shed and bears all post-collection loss.

Scale
200ac
50ac planted Yr0, 1, 2, 3
Yield mature
7.0 t/ac
~17.3 t/ha; ramp 0 → 0.8 → 2.5 → 4.5 → 7.0
Grade at shed
65/30/5
export / own-press / compost; sound fruit only pressed
Oil
12%
8.33t fruit = 1t oil; crude @950 KES/L to refiners
Loan ask

KES 77,400,400.

Sum of phased works plus 10% contingency. Machinery only for press — land and buildings already available and excluded.

ItemKESTiming
Phase 1 farm (50ac + shed + river intake)13,850,000Yr0
Phases 2–4 farm (50ac × 3)31,650,000Yr1–3
Press Line-1 (500kg/h core, machinery)15,000,000Yr4
Press expansion (2nd capacity)9,864,000Yr7
Subtotal works70,364,000
+ 10% contingency → ask77,400,400

Drawdown follows the same phasing — farm Yr0–3, press Yr4/Yr7. Interest 12% p.a., 10-year tenor as modelled.

Grace period: 3-year principal grace (Yr0–3). Interest accrues from drawdown; principal starts Yr4 when economic harvest is established (first small harvest Yr3).
Repayment

Assignment of crop and oil proceeds.

Exporter (fresh) and refiner (crude) pay into a KDC-controlled collection account. Waterfall: KDC debt service → opex reserve → farmer. Risk transfers at shed gate on loading receipt, so modelled 65/30/5 is final.

Fresh fruit
Ex-holding collected
140 KES/kg; exporter bears 300km freight + transit loss
Crude oil
Own press → refiners
950 KES/L bulk mechanical crude; 12% extraction

Principal is back-loaded to the harvest ramp (see Annex): Yr4 4.35M → Yr5 5.11M → Yr6 7.44M → Yr7 12.72M → Yr8 15.52M → Yr9 20.12M → Yr10 25.61M. Loan clears to zero in Yr10 in the base case.

Own press — why necessary

Toll capacity coincides with our peak.

Financials & DSCR

Losses early, strong cover from Yr5.

Net cash before debt is negative Yr0–4 (planting + press build), then turns: Yr5 +33.0M, Yr6 +72.7M, Yr7 +97.4M, Yr8 +132.8M, Yr9–10 +147.0M each.

DSCR Yr5
2.31×
net ÷ (interest+principal due)
DSCR Yr6
4.54×
mature phases online
DSCR Yr7–10
4.8–5.8×
full farm + press
Loan cleared
Yr10
balance → 0 base case

What DSCR means: 1.0× = just enough cash to pay that year's debt; 1.2–1.5× = comfortable; below 1.0× (our Yr1–4) = grace/accrual period, which is why principal starts Yr4. Full year table in Annex.

Other metrics KDC will expect: LLCR (NPV of cashflows ÷ debt), peak debt (~76.7M Yr4), debt/acre, break-even fresh price and pack-out at 1.0×, and sensitivities (±20% price, 60% export, 10% extraction) — all in Annex.

SWOT

Basic project SWOT.

Strengths
  • Own 200ac + river water + existing shed/buildings
  • Contracted collection model, no self-export burden
  • Hass only, EU/GCC demand, crude diversification
Weaknesses
  • No cooling — same-day dependence
  • Negative cash Yr0–4; needs grace discipline
  • Single variety + rain/river reliance
Opportunities
  • Early/late EU windows, UAE balance, refiner crude
  • Modular press expansion with acreage
  • Future outgrower onboarding on same system
Threats
  • Peru peak pricing, Red Sea freight, FX
  • Pests/MRL/dry-matter compliance, immature-harvest controls
  • Power costs and crude-price pressure from established processors
Security & next steps

Title + assignment.

Security: freehold title charge (independent valuation pending) plus assignment of fresh and crude proceeds via collection account. Crop-only would be thin in Yr0–4 — title cover addresses that.

Workbook: Avocado_50ac_Demo_10yr.xlsx (Inputs → 50ac → 200ac rollup → Debt → OwnPress). Annex holds the full tables. Contact: Ankamia Ridge Investments — [name / phone / email TBC].