According to local reports, Norfund, the Norwegian state-owned investment vehicle and partner Scatec Solar have decided not to participate in the Rumuruti Solar Park project.
Kenergy Renewables is the last remaining company still committed to the project. Kenergy already has a 20-year Power Purchase Agreement (PPA) with Kenya Power in place. The Rumuruti Solar Park, if developed, will product 40 MW of clean solar energy and will span a 300-acre area, at a cost of around Sh6 billion.
Norfund cited a long development timeline as its reason for withdrawing. “Together with our partner Scatec Solar, we assessed the development timelines to be too long to warrant continued involvement in this project,” said Norfund Executive Vice President for Clean Energy Mark Davis.