AfDB Group Okays $18.17 Mn for Kopere Solar Project in Kenya

Moreover, the bank is also in the process of securing a USD 11.6 million concessional loan from the Climate Investment Fund’s Scaling-up Renewable Energy Program (SREP).

The African Development Bank (AfDB) Group has approved a USD 18.17 million senior loan to 40 MWac (50MWp) Kopere Solar Power Project in Kenya.

The Kopere project, which falls under Kenya’s Renewable Energy Feed-in-Tariff (FiT) policy, is owned by Voltalia, an international player in the renewable energy sector listed on the Paris stock exchange.

Moreover, the bank is also in the process of securing a USD 11.6 million concessional loan from the Climate Investment Fund’s Scaling-up Renewable Energy Program (SREP).

Further, the project encompasses the design, construction and operation of a 40 MWac (50MWp) solar PV power project in Nandi County.

It also involves the construction of a 33/132 kV substation, and a 1.8 km T-line to evacuate the electricity to the national grid.

Commenting on the project, Bank’s Vice-President for Power, Energy, Climate Change and Green Growth, Amadou Hott said, “This project could potentially be Kenya’s first utility-scale solar PV project under the Feed in-Tariff (FiT) Policy. We are confident that the provision of long-term and concessional financing to support the project with terms that are unavailable from commercial sources will have an important demonstration effect in attracting more investors to engage with Kenya’s vast solar opportunities.”

The project is expected to generate around 106 GWh per year, and effectively supply electricity to approximately 600,000 people through the grid. It will also save 1,081 kt CO2eq in GHG emissions annually throughout the project operation.

Meanwhile, the implementation of the project is expected to commence in 2019.