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Kenya: Kenya has signed a $2.2 billion deal with an American firm

2015/07/29

Kenya has signed a $2.2 billion transaction with an American firm for the development of solar power in the east African country.

The agreement with SkyPower was signed during the sixth World Entrepreneurship Summit that ended Sunday at Gigiri, Nairobi. SkyPower is one of the major 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 $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 additional 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 World Entrepreneurship Summit which was officially inaugurated by US President Barack Obama in Nairobi on Saturday.

READ: Obama visit triggers billions pledges for start-ups

The summit, started by the US president Barack Obama 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 fund to support women and youth entrepreneurs.

Delegates from 120 nations attended the summit which focused on generating new investments for entrepreneurs, with a particular focus on women and youth.

Rabobank
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