SOLAR POWER PROJECTS IN KENYA GETS US$75m FUNDING

Kenya firms receive US$75m loan to fund solar power plants construction

Two solar power plant projects in Kenya receive US$75m loan by the European Investment Bank (EIB). Interests in Kenya’s green project is rising as more world organizations are looking to finance them.

The plants are developed by two Kenyan firms, Radiant Energy and Eldosol Energy. They are also located next to each other in Eldoret.

The Solar plants have a capacity of 40MW each and the financing of the project will be complete this year. This is according to Catherine Collin, the EIB East Africa head.

Construction of the two plants costs US$155m, so EIB’s loan will cover only a fraction of the cost. The two developers will cover the remaining cost through other avenues.

Kenya will also connect the plants to the national power grid to reduce the per unit cost of power to US$o.2.