Globeleq secures all funds for 40-MW solar project in Kenya

Independent power producer (IPP) Globeleq today said it is launching construction of a 40-MW/52-MWp solar park in Kenya after reaching financial close on the project.

The Malindi solar project, estimated at USD 69 million (EUR 61.8m), has received USD 52 million in debt arranged by CDC, the UK’s development finance institution, including USD 20 million from DEG, the German development finance institution. Africa Energy Development Corporation (AEDC), the originator of the project which holds a 10% in it, and its partner IDEA Power have provided equity, project development and construction management services.

Construction of the photovoltaic (PV) park in Langobaya, Malindi district, is scheduled to take around a year, with commercial operations expected for the middle of 2020. Sterling and Wilson Solar will be in charge of the civil and electrical construction works, while Globeleq will oversee the construction and operations of the facility.

According to Globeleq, the PV park is one of the first IPP-owned utility solar projects in Kenya. Once up and running, it will sell its output under a 20-year power purchase agreement with national distribution company Kenya Power.

(USD 1.0 = EUR 0.895)

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