Alten Energías Renovables has achieved financial close for its 55 MW Kesses Solar Power Plant project located in western Kenya.
Standard Bank has arranged the transaction and also provided US$41 million in debt including a term loan, a VAT (value-added tax), and a debt service reserve facility for the project. The financing is supported by CIB Bank, Stanbic Bank Kenya and the Emerging Africa Infrastructure Fund (EAIF). The loan will be amortized for over a period of 15 years through the subsidiary of Alten Energías Renovables, Alten Kenya Solarfarms BV.
The project will be located on 10 hectares of land and can generate up to 123,000 MWh of energy per year. The Kenyan Power Corporation has signed a power purchase agreement with the Kesses Solar Park for all of its energy produced from the plant. The construction is expected to the by the spring of 2022.
