The European Investment Bank (EIB) will provide a credit line of $74 million for the construction of two solar power plants. The solar plants will have a combined capacity of 80 MW and will be developed by Radiant Energy and Eldosol Energy.
"Funding will soon be finalized," said Catherine Collin, the institution’s director for the East Africa region.
The two power stations will be built, one close to the other, in the Eldoret region. Their overall cost is $173 billion. Once connected to the national grid, the plants will sell at a cost of $ 0.12 per kilowatt hour.
Both developers are owned by the same investors. These include DI Frontier Markets, Selenkei Investment and Cedate Ltd.