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Recently, the UK's development finance institution CDC and its Africa-focused independent power producer Globeleq are providing $66 million in debt financing to Malindi Solar Group to build a 52 MW solar power plant
in southeastern Kenya.
The financing ($50 million for CDC and $16 million for Globeleq) will help grid-connected projects provide power
in the Malindi area.
The region is currently facing recurring power shortages, relying mainly on expensive thermal power plants
.
In the region, load shedding is widespread and electricity demand is increasing
.
Globeleq (70% owned by CDC and 30% owned by Norfund) is working with its partners African Energy Development Corporation (AEDC) and IDEA Power, and the project will advance construction in the coming months
.
Globeleq will be a 90% shareholder in the Malindi project, with its partner AEDC holding the remaining 10%.
"Electricity infrastructure is critical
to Africa's economic growth and to the millions of individuals, homes and businesses struggling to access the electricity they need," the CDC CEO said.
Our investment will bring clean energy and jobs to a region in Kenya that is struggling to reach its potential
due to energy shortages.
This investment is the first investment by CDC's Project Finance team, the first loan agreement as sole lender and the team's first direct debt agreement
in Kenya.
”
The director of AEDC said, "AEDC has been working for several years to bring the Malindi project to fruition
.
We are excited to enter this phase and work closely with
our experienced partners Globeleq and CDC.
" ”
:/, please indicate the source for reprinting)
Recently, the UK's development finance institution CDC and its Africa-focused independent power producer Globeleq are providing $66 million in debt financing to Malindi Solar Group to build a 52 MW solar power plant
in southeastern Kenya.
The financing ($50 million for CDC and $16 million for Globeleq) will help grid-connected projects provide power
in the Malindi area.
The region is currently facing recurring power shortages, relying mainly on expensive thermal power plants
.
In the region, load shedding is widespread and electricity demand is increasing
.
Globeleq (70% owned by CDC and 30% owned by Norfund) is working with its partners African Energy Development Corporation (AEDC) and IDEA Power, and the project will advance construction in the coming months
.
Globeleq will be a 90% shareholder in the Malindi project, with its partner AEDC holding the remaining 10%.
"Electricity infrastructure is critical
to Africa's economic growth and to the millions of individuals, homes and businesses struggling to access the electricity they need," the CDC CEO said.
Our investment will bring clean energy and jobs to a region in Kenya that is struggling to reach its potential
due to energy shortages.
This investment is the first investment by CDC's Project Finance team, the first loan agreement as sole lender and the team's first direct debt agreement
in Kenya.
”
The director of AEDC said, "AEDC has been working for several years to bring the Malindi project to fruition
.
We are excited to enter this phase and work closely with
our experienced partners Globeleq and CDC.
" ”
:/, please indicate the source for reprinting)
/
