Kenya has secured $18.17 million facility from the African Development Bank for its renewable energy sector.
The approval of the facility by the African Development Bank is expected to be channeled into 40 MWac Kopere Solar Power Project owned by Voltalia.
Voltalia is an International player in the renewable energy sector listed on the Paris Stock Exchange.
The Kopere Solar project, which falls under Kenya’s Renewable Energy Feed-in-Tariff (FiT) policy, includes the design, construction and operation of a 40 MWac (50MWp) solar PV power project in Nandi County.
It also involves the construction of a 33/132 kV substation, and a 1.8 km T-line to evacuate the electricity to the national grid.
Vice-President for Power, Energy, Climate Change and Green Growth said “this project could potentially be Kenya’s first utility-scale solar PV project under the Feed in-Tariff (FiT) Policy.”
He added that “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.”
Africafeeds.com understands that the project will generate around 106 GWh per year, and effectively supply electricity to approximately 600,000 people through the grid.
It is aligned with AfDB‘s New Deal on Energy, the High Five priority to ‘Light up and Power Africa’, and the Bank’s country strategy for Kenya.
Analysts believe the Kopere project will enhance energy access, infrastructure development, and private sector participation in the renewable energy sector while contributing to green growth, and job creation.