SkyPower signs a US$ 2.2bn deal for development of solar power in Kenya

Posted on : Tuesday , 28th July 2015

An American company, SkyPower which is one of the largest developers and operators of utility-scale solar photovoltaic (PV) energy projects has signed a US$ 2.2bn deal with the Kenyan Ministry of Energy that will see the development of solar power in Kenya.

The agreement with SkyPower was signed during the sixth Global Entrepreneurship Summit that ended on 26th July, 2015 at Gigiri, Nairobi.

Kerry Adler, the SkyPower president and chief executive officer, said his company intends to develop world-class solar power in Kenya to be built in four phases over the next five years.

“The solar power in Kenya project will include fabrication and assembly plants. Approximately US$ 173m will go towards educating, training, research and development,” Mr Adler said.

He further pointed out while making the disclosure at the GES that Kenya has become an African hub for innovation and entrepreneurship and SkyPower is proud to contribute to this unprecedented milestone in Kenya’s ambitious renewable energy programme.

Kenya will hugely benefit from deals signed with top world technology, energy and financial companies that attended the Global Entrepreneurship Summit which was officially inaugurated by US President Barack Obama in Nairobi.

The summit, started by the US president in Cairo in 2009, brought together entrepreneurs and investors from across Africa and around the world to showcase innovative projects, exchange new ideas and help spurs economic opportunities.

During the summit, President Obama announced a US$ 100m fund to support women and youth entrepreneurs. Delegates from 120 countries attended the event which focused on generating new investments for entrepreneurs, with a particular focus on women and youth.

SkyPower has developed over 25,000MW of solar power projects worldwide.

Source : constructionreviewonline.com

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