By September 25, 2019

Kenya’s Renewable Energy Sector Receives Tangible Investment From Europe

By September 25, 2019

Kenya’s renewable energy sector is expected to grow further following the input from two European banks which have injected USD 53 Million each to fund the construction of two solar plants with a total capacity of 80MW.

The European Investment Bank (EIB) and the Dutch Development Bank FMO have struck a deal to jointly fund the construction of Radiant and Eldosol plants, located in Eldoret.

The EIB confirmed that the construction of the duo plants is underway and it will count 300,000 panels which will be connected to the national grid.

The entire project cost is USD 147 Million, the additional cost will be provided by Frontier Energy and two Kenyan businessmen (Nairobi-based DL Group chairman David Langat and Ayaz Merali) the managing director of Kenya’s Paramount Bank).

Catherine Collin, the EIB’s regional representative for East Africa, said that the bank’s involvement in the project showcases the close cooperation of government, development partners and private sector investment.

“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,” Collin added.

On his part, European Union Ambassador, Simon Mordue said; “These two new solar schemes funded by the European Investment Bank, Dutch Development Bank FMO and Frontier Energy from Denmark will provide clean energy for Kenya and demonstrate direct benefits of the close partnership between Kenya and the European Union,”

Investments in Kenya renewable energy sector has received tremendous boost recently as the government insists on the in the use of geothermal resources as a clean fuel for power generation.

In partnership with the World Bank, the government launched the Kenya National Electrification Strategy (KNES), which identifies least-cost options for improving electricity access to Kenyans.

Less than a month ago, Japanese developer Eurus Energy and Australian-headquartered wind developer Windlab signed a provisional deal with Kenya to develop a solar-plus-wind-plus-storage facility with a combined capacity of up to 80MW, in central Kenya.

Found the article interesting ? Follow us on Twitter to see what others are saying about it.