The Emerging Africa Infrastructure Fund (EAIF) has provided a $35m loan to the 40MW Kesses solar project in Kenya. The facility is being built by Alten Kenya Solarfarms BV near Eldoret in the Rift Valley region of Kenya. Alten will sell all its output to Kenya Power and Lighting Company (KPLC), the national energy utility, on a 20-year take-or-pay Power Purchase Agreement. Construction of the plant has already commenced and is expected to be completed in Spring this year. EAIF is now established as a lender of choice for renewable energy companies investing in Africa. Standard Bank, which is also a long-established lender to EAIF, was the mandated lead arranger of the project finance to Alten. Standard Bank is supplying$41m in debt comprising a term loan, VAT and Debt Service Reserve facility. Standard Bank is acting through its CIB and Stanbic Bank Kenya Limited divisions.
Kesses 2 Solar PV Park is a 55MW solar PV power project. It is planned in Uasin Gishu, Kenya. The project is currently in permitting stage. It will be developed in single phase. Post completion of the construction, the project is expected to get commissioned in 2023. The project is being developed and currently owned by Alten Energias Renovables. Kesses 2 Solar PV Park is a ground-mounted solar project. The project cost is expected to be around $82.4m. Alten Energias Renovables SL (Alten Energias) is a renewable energy company. It develops, finances, and operates solar photovoltaic power plants. The company offers services such as construction and engineering, design and development, operation and maintenance, and investment and funding services. It also provides technical support and supervision services. Alten Energias solar farms and develops Greenfield projects. In addition, the company offers integrated energy solutions for photovoltaic projects. It develops photovoltaic power plants in Southern Europe, Latin America, Southern Africa, Asia, and North America. The company has operations in the Netherlands, Spain, and Mexico. Alten Energias is headquartered in Spain.