Overseas Private Investment Corporation (OPIC) has invested 600 million shillings in order to provide affordable solar power in Kenya. The investment was received by a Nairobi-based firm that funds industrial and commercial solar installation ventures across East Africa, CrossBoundary Energy.
The fund was to enable CrossBoundary Energy to implement six projects at various corporate sites in Kenya, Rwanda and Ghana to produce a total of 5.75 megawatts, said Ray Washburne Head of OPIC.
“We are pleased to be supporting them to expand the provision of cleaner and cheaper power that helps African enterprises grow and bolsters the mission of Power Africa,” said Washburne.
CrossBoundary’s co-Managing Partner, Matthew Tilleard said the fund would help the selected companies reduce reliance on the national grid and provide access to affordable solar power that is environmentally friendly.
See Also: Future Energy Nigeria (formerly WAPIC)
Early this week, Kenya commissioned the largest solar project in East Africa so as to increase electricity capacity above 2,352 megawatts with the plant consisting of 210,000 solar photovoltaic panels set on an 85-hectare land. The 54.6 MW solar plant is situated in Garissa County in the North Eastern region of Kenya and it’s considered the largest in East and Central Africa.
Kenya became sub-Saharan Africa’s top market for the off-grid power products after demanding Sh4 billion worth of solar kits in the first six months of 2018.
According to global off-grid solar market report, “The off-grid sector in Kenya continues to see expansion to new regions across the country with new markets seeing strong growth.”