Malindi Solar Project

Africa Infrastructure

The Malindi Solar Group will build a 52MWp solar photovoltaic power plant in South-East Kenya. Globeleq, our majority owned independent power producer solely focused on building more power generation in Africa, is the sponsor of the project. Malindi is on track to be the first of four utility-scale solar power plants in Kenya to begin construction.

Our investment

We've provided $50 million of a $66 million debt investment in Malindi Solar Group, alongside our partner, Globeleq, which has provided $16 million. The long-term, 16-year financing will provide much needed power in the Malindi area, which currently struggles with regular power shortages and relies largely on expensive thermal plants.

Expected impact

The Malindi plant will provide 52 MWp 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 level of 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.

Key facts

Status:
Active
Region

Since 2012, we’ve only invested in Africa and South Asia. Investments outside these regions are from our pre-2012 portfolio.

:
Africa
Countries:
Kenya
Sector

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.

:
Infrastructure
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

:
June 2019
Amount

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.

:
$51.91m
Domicile

This is the investee company’s place of incorporation; or a fund’s jurisdiction.

:
Kenya