$50 million from CDC and $16 million from Globeleq will bring clean power and jobs to Malindi region. Alongside its partner, Globeleq, CDC has announced a $66 million debt investment in Malindi Solar Group, to build a 52 MW solar photovoltaic power plant in South-East Kenya.
The Malindi plant will provide 52 MW of clean generation capacity to the Kenyan grid. Kenya's per capita electricity consumption is well below the sub-Saharan average and 44 per cent below the level that would be expected for its GDP per capita. Located in a region where load shedding is widespread and power demand is increasing, it is expected most of the generation will be consumed locally. It is estimated that the power generated will support the creation of jobs through direct employment and indirect job creation due to more consistent supply of electricity.
Environmental and social aspects
CDC has been active in guiding and supporting Globeleq's environmental, social and governance (ESG) impact through its role in the Company's ESG committee, and the company applies good environmental and social (E&S) practices and applies international E&S standards that minimise negative impacts its operations may have. Globeleq also promotes the efficient use of energy, water and natural resources, and minimises the release of pollutants to air, water and land. Each one of Globeleq's operating power plants has programmes in place that support health, education, employment and enterprise development in their local communities.
Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.
- Africa, East Africa
We have seven priority sectors. However, we continue to invest outside these sectors, largely in the most challenging regions, as new investment supporting any sector helps to underpin the private sector, and create jobs and livelihoods for people.
- Investment type
We provide capital in three broad ways: direct equity, debt, and intermediated equity (principally through investment funds).
- Direct Debt
- Start date
For direct investments, this is the date CDC committed capital to the business or project.
For funds, this is the date that CDC committed capital to the fund.
For underlying fund investments, this is the date that the fund invested capital into the business.e
- May 2018
For direct investments, this is the total amount that CDC has committed to the business or project (it may be a combination of equity and debt).
For funds, this is the total amount that CDC has committed to the fund.
This is the investee company’s place of incorporation; or a fund’s jurisdiction.