Nairobi, April 14 -- First-of-a-kind nuclear energy projects in countries like Kenya tend to stretch well beyond initial projections and most of the time, the culprit is the lack of institutional depth required to remain on schedule and within budget.

Regulatory readiness for newcomers, after all, is never just about giving out a licence to an owner-operator. It involves everything from setting up brand new arbitration structures that allow International Atomic Energy Agency (IAEA) standards to cascade, to signing treaties and conventions.

A proper and predictable regulatory framework is what transforms a financing structure from a term sheet into a financial close with the credible cost estimates, schedule-based cost distribution model...