July 12 (Renewables Now) - The UK's development finance institution CDC Group plc and Globeleq today announced a USD-66-million (EUR 56.5m) debt investment to build a 52-MWp photovoltaic (PV) power plant in Kenya.
CDC provided USD 50 million of the long-term 16-year financing and Globeleq, an independent power producer focused on Africa majority-owned by CDC, provided USD 16 million.
Globeleq is the sponsor of the Malindi solar project and will own a stake of 90%. Africa Energy Development Corporation (AEDC), the originator of the project, will hold 10%.
Construction start is targeted in the coming months. According to the announcement, Malindi is posed to become the first of four utility-scale solar power plants in the country to start construction.
The project will bring power in the Malindi area, southeastern Kenya which suffers from power shortages and relies mainly on expensive thermal plants, CDC and Globeleq said.
(USD 1 = EUR 0.856)