Our Role: We planned and lead a divestiture process that saw Borana ranch become independent from the wider agricultural corporation of which it was historically part. We designed and implemented a hybrid corporate structure for the new conservancy positioning all conservation and land management operations within a not-for-profit vehicle with economic exploitation rights vesting in a separate for-profit commercial corporation. As part of the wider business plan developed for the conservancy, we structured three super-premium residential property development concessions that were traded for a collective value of more than US$10 million that was used to capitalise a conservation trust to secure the wider operations of the conservancy. Additionally each concession generates an inflation-adjusted annuity for the conservancy of US$ 100,000 per annum. Conservation Capital has been represented on the board of both the conservancy and the commercial operating company.

Outcomes: Borana has quickly become recognised as a key player in Kenya’s private conservancy movement. Following approval by the Kenya Wildlife Service it became the country’s newest rhino sanctuary in 2013 with 21 black rhino being translocated from Nakuru National Park and the Lewa Wildlife Conservancy. The fence between Lewa and Borana was dropped in 2014 to increase the amount of free ranging rhino habitat. In economic terms, Borana has developed a thriving tourism brand with three high-end properties operating on the conservancy along with integrated livestock operations and a small conservation agriculture project. The project generates revenues > US$ 1.5 million per annum and is entirely financially self-sustaining. Moreover, as a result of the corporate and financial restructuring done in 2010 it has a uniquely strong balance sheet for an initiative of this type.