80 MW Kenyan Solar Projects Secure EIB & FMO Support

Frontier Energy Bags $106 Million Financing From European Investment Bank & Dutch Development Bank FMO For 80 MW Kenyan Solar Plants
10:45 AM (Beijing Time) - 26. September 2019

Key Takeaways

  • FMO and EIB have announced loan of $53 million each for two under construction solar power plants in Kenya
  • 300,000 solar panels will be used to develop the plants in Eldoret by Frontier Energy
  • Being developed for a total project cost of $147 million, the projects will be connected to the national grid on completion

Two solar power projects with 80 MW total capacity have achieved financial closure in Kenya with the European Investment Bank (EIB) and Dutch development bank FMO lending $53 million each. Radiant and Eldosol projects will get the rest out of the total project cost of $147 million from project promoters Danish company Frontier Energy, Chairman of the DL Group of Companies David Langat and Managing Director of Paramount Bank Ayaz Merali.

Both the utility scale solar projects will together use 300,000 solar panels and will be located adjacent to each other in Eldoret, located 300 km of Nairobi. On completion, these will feed solar power to the Kenyan national grid.

Frontier Energy is developing both projects with 40 MW capacity each, with the Radiant project being a single site plant and Eldosol as a multi-site project, as per information on the company website. Both the projects are currently under construction. In Africa, Frontier Energy has a portfolio of 45 operational, under construction/development renewable energy projects comprising hydro, geothermal, wind and PV with a total capacity of over 750 MW.

Both projects will increase the much-needed electricity generation capacity in Western Kenya and improve the region’s access to reliable energy,” said FMO Chief Investment Officer Linda Broekhuizen.

A few weeks back, Windlab Limited and Eurus Energy announced joint development of 80 MW ‘first large scale hybrid wind, solar PV and battery storage project in Kenya’s Meru County government (see 80 MW Wind+Solar+Storage Project In Kenya).

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani