(Bloomberg) -- Kenya is expanding its solar power, building two utility-scale projects that will supply green electricity to about 300,000 of the nation's homes.
The Radiant and Eldosol solar plants with a combined capacity of 80 megawatts will cost $147 million, the European Investment Bank said on Tuesday. The European trade bloc's lender is co-funding the plants with Dutch bank Nederlandse FMO NV, private lender Paramount Bank and Danish developer Frontier Energy.
The two plants will be sited near Eldoret, about 185 miles northwest of Nairobi. They will reduce Kenya's dependence on hydro and fossil-fueled power generation. East Africa has few utility-scale solar plants, EIB said.
The EIB and the FMO will each supply $53 million in loans to the projects and its partners will supply the remainder.
To contact the reporter on this story: Brian Parkin in Berlin at bparkin@bloomberg.net
To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Lars Paulsson
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