Norfund, Norwegian State-owned investment company, together with its partner Scatec Solar have withdrawn from the Rumuruti Solar Park, which was to be built in Laikipia. The company was the project’s key financier and project technical partner.
Their exit leaves the project with only the proponent, Kenergy Renewables, which already has a 20-year Power Purchase Agreement (PPA) with Kenya Power.
According to Norfund, the project is expected to take longer to complete, which makes it a poor fit for its investment criteria, thus necessitating its exit.
The Rumuruti Solar Park, set to be built across a 300-acre piece of land, is projected to cost KSh6 billion. It will produce 40 megawatts (MW) on completion. The plant will reduce reliance on costly thermal power plants which have partly contributed to high power bills.
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