The Emerging Africa Infrastructure Fund Backs 40MW Kesses Solar Project in Kenya with US $35 Million Loan
The Emerging Africa Infrastructure Fund (EAIF), which is part of the Private Infrastructure Development Group (PIDG) (www.PIDG.org), confirmed its leading position as a provider of debt funding to Africa’s alternative energy generation sector. EAIF has provided a US$35 million loan over a 15-year term to the 40MW Kesses solar generation facility to be built near Eldoret in the Rift Valley region of Kenya. The project will cost a total of US$87 million. The first part of the loan was disbursed to Alten Kenya Solarfarms BV (Alten), the Kenyan business of the Alten Group, in late December 2021.
Kenya has become the 9th African country where EAIF has supported renewable energy projects in recent years. The others are Burkina Faso, Cameroon, Côte d’Ivoire, Mali, Mozambique, Rwanda, Tanzania and Uganda.
Commenting on the project, Sine Zulu, an Investment Specialist at EAIF’s investment managers, Ninety One, says:
“The Kesses plant brings multiple benefits to Kenya’s economic development. It will also play an important part in combatting climate change and strengthening Kenya’s ability to recover from Covid-19. EAIF is now established as a lender of choice for renewable energy companies investing in Africa.”