Ex-Centum executive to set up 40MW solar energy farm in Nakuru

A former Centum executive and retired President Daniel Moi’s lawyer have teamed up with an ex-HSBC investment banker to set up a 40-megawatt solar farm along the Nakuru-Marigat road.

Chris Lemayian Kimojino, co-founder of Sosian Energy Ltd and former investment principal in charge of power and infrastructure at Centum, is in a joint venture with Astonfield co-founder Ameet Shah to put up the giant solar park.

The Sh6.5 billion ($65 million) solar project is being undertaken through a special purpose vehicle dubbed Astonfield Sosian Energy Ltd.
Electricity from the solar-powered plant will be fed to the grid in 2018, promoters of the project say.

“Permission to proceed with power purchase agreement discussions received from Ministry of Energy, meetings with Kenya Power to begin shortly,” said Mr Shah, who previously worked at HSBC and defunct Wall Street investment bank Salomon Brothers.

“We expect to break ground in 2017 once all permits and clearances are secured with the stakeholders,” he said in an interview.

Sosian Energy, currently building a 35 MW geothermal power plant at Menengai, lists lawyer Caroline Jepkemboi Waiyaki (50 per cent) and Lukiza Ltd (50 per cent) as shareholders and directors, according to filings at the company registry.

The directors and shareholders of Lukiza Ltd are Cricket Kenya chairman, Standard Group non-executive director and lawyer Zehrabanu Janmohamed as well as lawyer Anastacia Kioko Mululu, a former partner at Mutula Kilonzo and Co Advocates, former President Moi’s long-serving law firm.

Astonfield Sosian Energy Ltd said the project dubbed Migotiyo Solar Park will involve the use of about 150,000 solar panels.

READ: Firm plans 40MW solar power plant in Nandi

Mr Shah revealed that the consortium was currently in talks with unnamed local and international banks to raise senior debt, but declined to disclose the ratio of debt to equity for the 40 MW project.

The project owners have hired consulting firm Katchcon to carry out a study on how electricity from the solar plant will be evacuated from source to the grid.

Upon completion, the 40MW Migotiyo Solar Park will be Kenya’s largest solar plant connected to the grid. Strathmore University is Kenya’s sole grid-connected solar energy producer.

It has been selling 0.25 MW to Kenya Power since October last year.

Kenya’s dollar-denominated feed-in-tariff for electricity generated from solar is set at ¢12 (Sh12) per kilowatt hour, whetting the appetite for renewable energy investors.

Mr Shah reckons that the planned utility-scale solar plant can generate power at a cost of less than ¢10 per kWh, highlighting the potential high returns from the project.

Astonfield, with offices in New York and Mumbai, said it will also take advantage of on concessional pricing from top-tier solar equipment suppliers coupled with extended warranties and guarantees on components to deliver the project “at a competitive cost.”

Last month, Astonfield constructed a 1.2MW rooftop solar plant at Bidco Africa, as the maker of edible oils, cooking fats, soaps, and detergents eyes cutting energy costs.

Astonfield’s other co-founder is Sourabh Sen, also an ex-Wall Street executive.

The firm also has operations in Oman, Mauritius and Kenya, which is the hub for Eastern Africa operations.