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Commonwealth Development Corporation Injects $66 Million in Malindi's 52 MWp Solar Projects

CDC Group plans to invest $67 million in the Malindi solar project. With an expected capacity of 52 MWp, the system is being prospered by Malindi Solar Group, an ad hoc company developed by Globeleq, an independent power producer (IPP).

Jeremy Hunt, the British Prime Minister of Foreign Affairs announced a series of investments, including in the Malindi solar project, which has received about $66 million during his recent visit to Africa continent. Commonwealth Development Corporation (CDC Group), the British government’s development finance agency, is investing $50 million along with its partner, Globeleq, an independent power producer (IPP), who will invest the remaining $16 million.

The solar project is driven by Malindi Solar Group, a company created ad hoc by Globeleq. The latter, 70% possessed by CDC and 30% by Nordfund, will build a 52 MWp solar park in Malindi, a coastal town in southeastern Kenya.

According to the ad hoc company, the energy produced will be used locally as the region is still facing load shedding. The sale of electricity from the Malindi solar park will be made through Kenya Power and Lighting Company (KPLC), which provides public electricity service in Kenya. The public company has marked a 20-year power purchase agreement (PPA) with Globeleq. Delighted by CDC Group funding, construction work on the Malindi solar power plant is expected to begin in 2020.

These projects are part of the GET FiT programme, set up by the Zambian authorities and Kreditanstalt für Wiederaufbau (KfW), the German development agency. The main objective is to produce 200 MW from renewable energy sources.

Source : www.afrik21.africa
Posted On: 5/13/2019 12:00:00 AM

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