A Portuguese clean energy company operating in Kenya has raised €2.5 million (about Sh292 million) from international investors to provide solar electricity and power its local expansion.
The firm, RVE. SOL, said the fresh capital will be channelled towards electrifying and providing clean water for up to 50,000 people in Busia County.
RVE. SOL founder and managing director Vivian Vendeirinho told the Business Daily that its local subsidiary will set aside €2.7 million (about Sh315.5 million) to connect 2,000 new consumers in 15 communities over a two-year period.
“We have an memorandum of understanding (MOU) with the Busia County government for the project. We will invest 2.7 million euros over 24 months to take our consumer count to 2,100,” said Mr Vendeirinho.
“We plan to hire an additional 25 employees. We are in talks with several other counties along the border. We are targeting 40,000 customers in five years.”
Kenya’s solar kits market has attracted multinationals such as Indian firm Orb Energy, Germany-based Mobisol and local company M-Kopa among others.
Solar experts reckon that Kenya, like most African countries, has high potential for solar energy generation given high radiation levels from the sun throughout the year.