Malindi Solar Photovoltaic Plant

active

The project involves the construction of a 52MW solar photovoltaic plant in Langobaya, Malindi District, Kilifi County in Kenya. Electricity will be sold through a 20-year agreement with the national distribution company Kenya Power and Lighting Company. Sponsors are Globeleq, Africa Energy Development Corporation (AEDC), with a 10% ownership of the project, and IDEA Power. The cost of the cost of the project is $ 69 million. CDC, the UK’s development finance institution, is the mandated lead arranger and has sourced $52 million in debt financing including $20 million from Deutsche Investitions- und Entwicklungsgesellschaft (DEG), the German development finance institution. Construction is expected to take around 12 months with the plant reaching commercial operations in mid-2020. Financial close has been reached on 3 June 2019. https://www.globeleq.com/globeleq-reaches-financial-close-on-kenyas-first-utility-scale-ipp-solar-project/ https://www.globeleq.com/projects/malindi-solar/