UPDATE - SkyPower strikes US-2.2bn Kenyan solar deal

Solar PV plant. Featured Image: Gilles Paire/Shutterstock.com

July 27 (SeeNews) - Canadian utility-scale solar developer SkyPower Global on Sunday sealed a roughly USD-2.2-billion (EUR 2bn) deal to develop 1 GW of photovoltaic (PV) projects in Kenya over the next five years.

As part of the plan, SkyPower will build 200 MW of fabrication and assembly facilities in Kenya and spend some USD 173 million on education, training, and research and development (R&D), said Charles Cohen, SkyPower’s executive vice president. The move will open job positions for more than 25,000 people.

CEO and president Kerry Adler noted that the planned solar projects will assist Kenya in achieving its electrification objectives and back the development of the nation's renewables sector.

The agreement with the Kenyan Ministry of Energy and Petroleum was signed at the sixth annual Global Entrepreneurship Summit (GES) in Nairobi, which is sponsored by SkyPower itself. The deal envisages developing solar schemes in four phases.

At present, SkyPower has a pipeline of utility-scale solar PV projects surpassing 25 GW of combined capacity, including 6 GW that will be developed in Egypt and Nigeria over the next five years.

(USD 1.0 = EUR 0.907)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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