September 24 (Renewables Now) - The European Investment Bank (EIB) and Dutch development bank FMO have provided financing for the construction and operation of two solar photovoltaic (PV) parks totalling 80 MW in Kenya.
Each lender has contributed USD 53 million (EUR 48.2m) in non-recourse project financing to the USD-147-million investment. The remaining cost will be assumed by the project promoters, Africa-focused renewables developer Frontier Energy, David Langat, who is the chairman of the Nairobi-based DL Group of companies, and Ayaz Merali, the managing director of Kenya’s Paramount Bank, EIB said.
The financial close concerns the 40-MW Radiant and the equally-sized Eldosol PV project. The parks are located at adjacent sites near the city of Eldoret and are currently under construction.
Once completed, the new solar parks will be connected to the Kenyan national grid and supply power to some 300,000 local households.
(USD 1.0 = EUR 0.91)