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Wed November 20 2019

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Deal closed for $147m Kenyan solar schemes

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

The European Investment Bank and FMO, the Dutch entrepreneurial development bank, have agreed to finance construction and operation of the two new solar photovoltaic plants. Each will provide US$53m for the two projects, with the remainder of the US$147m total project cost provided by the project promoters Frontier Energy, DL Group of Companies chairman David Langat and Paramount Bank managing director Ayaz Merali.

The new Radiant and Eldosol plants are being built close to Eldoret, 300km north-west of Nairobi. The two adjacent 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 generate utility-scale solar power in East Africa. The two schemes will diversify Kenya’s electricity supply away from both rain-dependent hydro and fossil fuels, contribute to improving grid stability and cater for expected increased in energy use in the coming years.

“As world leaders meet in New York to discuss 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 funded by the European Investment Bank, Dutch Development Bank FMO and Frontier Energy from Denmark will provide clean energy for Kenya and demonstrate direct benefits of the close partnership between Kenya and the European Union.”

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