AfDB Loan For Voltalia’s Kenya Solar Project

African Development Bank Approves $18 Million Senior Loan For Voltalia To Develop 40 MW Kopere Solar Power Plant In Kenya; Climate Investment Fund’s SREP May Shell Out Another $11.6 Million Concessional Loan
07:49 AM (Beijing Time) - 06. December 2018
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AfDB said the 40 MW Kopere Solar Power plant, for which it has approved a loan to Voltalia, could well be Kenya’s first utility-scale solar PV project under the country's FiT policy. Pictured is Mount Kilimanjaro in Kenya. (Photo Credit: GregMontani/www.goodfreephotos.com)

Key Takeaways

  • African Development Bank will give Voltalia $18.17 million as senior loan to help the French company to develop 40 MW Kopere Solar Power plant in Kenya
  • Another $11.6 million concessional loan could come from Climate Investment Fund’s Scaling-up Renewable Energy Program (SREP)
  • Implementation of the project will start in 2019 and on completion, it will generate an estimated 106 GWh of clean energy annually

The African Development Bank (AfDB) has approved a senior loan of $18.17 million for a 40 MW (50 MW DC) solar power project being developed by French renewable energy company Voltalia in Kenya. The bank is also arranging a $11.6 million concessional loan from the Climate Investment Fund’s Scaling-up Renewable Energy Program (SREP) for the project.

Voltalia is developing the 40 MW Kopere Solar Power project in Nandi County of Kenya under the country’s Renewable Energy Feed-in-Tariff (FiT) policy. Work also includes construction of a 33/132 kV substation, and a 1.8 km T-line to evacuate electricity to the grid.

In May 2018, Voltalia signed a 20-year power purchase agreement for the Kopere project with Kenya Power and Lighting Company (see Voltalia Signs 50 MW PPA In Kenya). Suntech of China will provide its solar panels for the project.

According to the bank, on assuming commercial operations, the Kopere project is expected to generate around 106 GWh annually to suffice clean energy requirements of some 600,000 people. Implementation of the project will start in 2019.

This project could potentially be Kenya’s first utility-scale solar PV project under the Feed in-Tariff (FiT) Policy,” said AfDB Vice President for Power, Energy, Climate Change and Green Growth, Amandou Hott. “We are confident that the provision of long-term and concessional financing to support the project with terms that are unavailable from commercial sources will have an important demonstration effect in attracting more investors to engage with Kenya’s vast solar opportunities.”

 

Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani