Gobeleq reached financial close for 52 MW »Malindi« plant in Kenya

African power company Globeleq has reached financial close of the 52 MW PV project in Malindi, Kenya and is commencing construction of the plant. The $69 million project is located in Langobaya, Malindi District, Kilifi County, about 120 km north-east of Mombasa and is one of the first IPP owned utility scale solar power plants in Kenya. Electricity will be sold through a 20-year agreement with the national distribution company, Kenya Power.
Globeleq has been working with the project originator, Africa Energy Development Corporation (AEDC), who will retain 10 percent ownership of the project, and its partner, IDEA Power, to bring the project to construction by providing equity, project development and construction management experience. CDC, the UK’s development finance institution, as the mandated lead arranger, has sourced $52 million in debt financing including $20 million from DEG, the German development finance institution. Construction will take around twelve months with the plant reaching commercial operations in mid-2020.

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