Construction of two 40-MW PV parks in Kenya

The European Investment Bank (EIB) and Dutch development bank FMO have provided financing for the construction and operation of two solar photovoltaic (PV) parks totalling 80 MW in Kenya.

Each lender has contributed USD 53 million (EUR 48.2m) in non-recourse project financing to the USD-147-million investment. The remaining cost will be assumed by the project promoters, Africa-focused renewables developer Frontier Energy, David Langat, who is the chairman of the Nairobi-based DL Group of companies, and Ayaz Merali, the managing director of Kenya’s Paramount Bank, EIB said

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