K&M was engaged by the AIG African Infrastructure Fund (AAIF), an affiliate of the Emerging Markets Partnership (EMP), to conduct a full technical and commercial due diligence of the Kelvin 600 MW coal-fired IPP in South Africa. K&M had previously performed due diligence of the plant for CDC Globeleq in 2002, and used this work as a basis for producing an updated due diligence report. K&M interviewed plant staff, reviewed operations reports and test results and evaluated the plant’s forecast technical and commercial performance. K&M also estimated the plant’s useful remaining operating life and the progress of refurbishment efforts at the facility. K&M reviewed the plant’s contractual arrangements and identified any major operational risks which could impact shareholder value.