KENYA: EIB and FMO provide €106 million for two 80 MW solar projects
The European Investment Bank (EIB) and the Netherlands Development Finance Corporation (FMO) have allocated EUR 106 million to two solar projects developed by a consortium of independent power producers (IPPs) in Uasin Gishu County, western Kenya.
Two solar projects have recently received $106 million in funding from the European Investment Bank (EIB) and the Netherlands Development Finance Corporation (FMO). The funds allocated in equal parts by the two development partners will be used to implement the Radiant and Eldosol solar projects, located near the town of Eldoret in Uasin Gishu County, western Kenya.
The Radiant solar photovoltaic power plant project is being developed by a consortium consisting of Frontier Investment Management, Selenkei Investment, Cedate, Interpro International LLC and Paramount Universal Bank. Its construction will require a total investment of $70 million for a 40 MW generating capacity. The electricity will be fed into the Kenyan electricity grid from a substation located near the plant.
A second project with equal capacity
Radiant Energy, the ad hoc company set up to develop Radiant’s solar project, has already signed a power purchase agreement (PPA) with Kenya Power (KPLC), the utility that provides the electricity service. The latter will buy the kWh of electricity at 12 cents of dollars.
Frontier Investment Management, Selenkei Investment, Cedate, Interpro International LLC and Paramount Universal Bank have also joined forces to develop Eldosol’s solar photovoltaic project. The power plant that the consortium is building will be equipped with 140,800 solar panels that will be connected to a 400V and 22kV medium-voltage step-up transformer. The 40 MW supplied by the Eldosol solar power plant will be fed into the national grid via the same substation as the Radiant solar power plant. The electricity will also be sold to KPLC under another PPA.
The Radiant and Eldosol solar photovoltaic plants are expected to come on stream next year, in 2020. With a combined capacity of 80 MW, they are expected to boost the capacity of the electricity grid, particularly in western Kenya, a region that is home to many companies whose operations are necessary for the country’s economic growth.
Jean Marie Takouleu
Source: afrik21.africa
