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$147 Million Deal used to Build Utility Scale Solar Power in Kenya

Financial close has been reached for the US$147m (£118m) Radiant and Eldosol solar projects, which will supplied to thousands of Kenyans with energy.

The European Investment Bank and FMO, the Dutch entrepreneurial development bank, have acknowledged financing construction and operation of the two new solar photovoltaic plants. Each will give US$53m for the two projects, with the remainder of the US$147m total project cost provided by the project supporter Frontier Energy, DL Group of Companies chairman David Langat and Paramount Bank managing director Ayaz Merali.
 
The new Radiant and Eldosol plants are being installed close to Eldoret, 300km north-west of Nairobi. The two adjoining sites will use 300,000 panels that track to harness the maximum amount of solar energy and will be connected to the Kenyan national energy grid.
 
The two projects are amongst the first to creat utility-scale solar power in East Africa. The two schemes will expand Kenya’s electricity supply away from both rain-dependent hydro and fossil fuels, contribute to improving grid stability and cater for expected rise in energy use in the coming years.
 
“As world leaders meet in New York to talk about future plans to save our planet, Kenya with EU support, is leading the way with visionary climate action,” said European Union ambassador Simon Mordue. 
 
“These two new solar schemes invested by the European Investment Bank, Dutch Development Bank FMO and Frontier Energy from Denmark will supply clean energy for Kenya and demonstrate direct benefits of the close partnership between Kenya and the European Union.”
 
Source : www.bizaf.com
Posted On: 9/27/2019 12:00:00 AM

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