In a step to boost up Kenya’s renewable resource development, The European Investment Bank and FMO, the Dutch entrepreneurial development bank, have decided to fund US$147m (£118m) construction and operation of two new solar photovoltaic plants. Both banks will be funding US$53m each for both the projects while the remainder funding will be done by the project promoters Frontier Energy, DL Group of Companies chairman David Langat and Paramount Bank managing director Ayaz Merali.
Radiant and Eldosol plants are being built close to Eldoret which is 300km north-west of Nairobi. Both these sights, located adjacent to each other will make use of 300,000 solar panels and will be connected to the Kenyan national energy grid. One of the most prolific highlights arising from this funding is that it will diversify Kenya’s electricity supply from rain-dependent hydro and fossil fuels. It is a futuristic step taken towards catering to increase energy usage in the future. Besides, it will also help to contribute in improving the grid stability.
European Union ambassador Simon Mordue confirmed that the two new solar schemes will not only provide clean energy for Kenya but also demonstrate direct benefits arising from the close partnership between Kenya and the EU.