Alten locks EAIF debt for 40-MW solar project in Kenya

The Emerging Africa Infrastructure Fund (EAIF), a member of the Private Infrastructure Development Group (PIDG), today said it has extended USD 35 million (EUR 30.6m) in debt to back the construction of a 40-MW solar park in Kenya.

The financing will be directed towards the Kesses photovoltaic (PV) project, which is already under construction. The scheme is owned by Alten Kenya Solarfarms BV, the local arm of independent power producer Alten Energias Renovables Group, and will require a total investment of USD 87 million.

The developer has already obtained a portion of the 15-year loan, EAIF said. Standard Bank will separately disburse USD 41 million in debt for the project through a term loan, VAT and debt service reserve facility.

The Kesses plant is being installed near the town of Eldoret in the Rift Valley region of Kenya, with its construction scheduled to be completed during the spring. The solar farm’s output will be sold under a 20-year power purchase agreement (PPA) with domestic utility Kenya Power and Lighting Company (KPLC).

(USD 1.0 = EUR 0.874)

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