Malindi Solar IPP reaches financial close

Trinity International LLP is pleased to announce that it has advised Globeleq, a leading power developer in Africa, in the successful financial close of the 40 MWAC (52 MW p) Malindi Solar photovoltaic solar project in Malindi, Kenya.

The project is located around 120km north-east of Mombasa and is one of the first utility-scale solar power plants in Kenya to begin construction. The power generated will be sold under a long-term power purchase agreement to Kenya Power. The project originator, Africa Energy Development Corporation will retain a minority stake in the project. Funding was provided by CDC, the UK’s development finance institution, as the mandated lead arranger with additional funding coming from DEG, the German development finance institution. Sterling & Wilson Solar is doing the civil and electrical works and Globeleq will oversee the construction and operations of the power plant.

Trinity has a successful track-record in bringing utility-scale solar IPPs to financial close, having done so in several African jurisdictions. The Trinity team comprised senior partner Paul Biggs, partner Kaushik Ray, senior associate Jo Sykes and associate Elizabeth Handley.