- EAIF loans Alten Energia funds to complete the solar park.
- The solar farm’s output will be sold under a 20-year PPA.
The Emerging Africa Infrastructure Fund (EAIF), a member of the Private Infrastructure Development Group (PIDG), has announced the extension of USD 35 million in debt to back the construction of a 40MW solar park in Kenya.
The financing will be directed towards the completion of the Kesses photovoltaic (PV) project. 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.
According to EAIF, the developer has already obtained a part of the 15-year loan. The Standard Bank will separately disburse USD 41 million in debt for the project through a term loan, VAT and debt service reserve facility. 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).