Kenya signs Sh220bn solar power deal with US company
SkyPower has developed over 25,000MW of solar power projects world. PHOTO | FILE
The Ministry of Energy has signed a Sh220 billion ($2.2 billion) deal with an American firm for the development of solar power in Kenya.
The agreement with SkyPower was signed during the sixth Global Entrepreneurship Summit that ended Sunday at Gigiri, Nairobi. SkyPower is one of the largest developers and operators of utility-scale solar photovoltaic (PV) energy projects.
Kerry Adler, the SkyPower president and chief executive officer, said his company intends to develop world-class solar projects in Kenya to be built in four phases over the next five years.
He said the project will include fabrication and assembly plants. Approximately Sh17.5 billion ($173 million) will go towards educating, training, research and development.
Electrification goals
“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,” Mr Adler said while making the disclosure at the GES.
He said the projects will help Kenya to realise its electrification goals and support development of renewable energy.
Mr Adler estimated that the investment will create more than 25,000 jobs in Kenya.
SkyPower executive vice president Charles Cohen said the company works with communities to ensure that those closest to the developments reap the rewards of new jobs, education, skills training and accessible energy.
Kenya will 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 on Saturday.
The summit, started by the US president 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.
President Obama announced a $100 million (Sh10 billion) fund to support women and youth entrepreneurs. Delegates from 120 countries attended the summit which focused on generating new investments for entrepreneurs, with a particular focus on women and youth.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
