Two new utility-scale solar power plants are to be built in Kenya in a deal worth $253 million (£205m).
The European Investment Bank (EIB) and the Dutch Entrepreneurial Development Bank (FMO) are providing $53 million (£43m) each and the remainder $147 million (£119m) will be invested by developer Frontier Energy, DL Group of Companies and Paramount Bank.
The Radiant and Eldosol solar farms, being built close to Eldoret City in the North Western part of Kenya, will have a total capacity of 80MW and consist of 300,000 solar panels.
The projects, expected to help reduce carbon emissions by 106,000 tonnes annually, will diversify Kenya’s electricity supply away from both fossil fuels and rain-dependent hydropower and contribute to improving grid stability.
They will also support the Kenyan Government’s national electrification strategy, which aims to expand access to electricity to all citizens by 2022.
Catherine Collin, European Investment Bank Regional Representative for East Africa said: “Expanding renewable energy is crucial to enable all Kenyans to access electricity.
“Successful financial close of this project demonstrates the close co-operation of government, development partners and private sector investment and our shared goal of supporting national electrification. The Radiant and Eldosol solar projects demonstrate how visionary energy investment can accelerate social, economic and human development and show how Kenya is taking advantage of its rich renewable resources as a global leader in clean power generation.”