- EAIF has approved a US$35 million loan for a solar generation facility to be built in Kenya’s Rift Valley region.
- Kenya has become the ninth African country to receive EAIF funding for renewable energy projects.
The Emerging Africa Infrastructure Fund (EAIF), a subsidiary of the Private Infrastructure Development Group (PIDG), has approved a US$35 million loan for a 40MW Kesses solar generation facility built near Eldoret in Kenya’s Rift Valley region. The project will cost a total of 87 million dollars. The first instalment of the loan was made available to Alten Kenya Solarfarms BV (Alten), the Alten Group’s Kenyan subsidiary, in late December 2021.
In recent years, Kenya has become the ninth African country to receive EAIF funding for renewable energy projects. Sine Zulu, an Investment Specialist at EAIF’s investment manager, said, “The Kesses plant contributes significantly to Kenya’s economic development.” It will also aid in the fight against climate change and strengthen Kenya’s ability to recover from Covid-19. As a result, EAIF has established itself as a preferred lender for renewable energy companies investing in Africa.”
The construction of the Kesses plant will improve energy access for thousands of people, thereby supporting SDG 7 and creating up to 400 construction jobs, with 15 permanent jobs during operation.