SkyPower signs $2bn solar deal in Kenya

U.S. renewable energy firm SkyPower signed a deal with Kenya on Monday for a 1 gigawatt, $2.2 billion solar project which is expected to lead to a raft of giant clean energy projects across the country.

SkyPower announced that the “landmark agreement” with the Kenyan Ministry of Energy and Petroleum will be a precursor to the development of a series of giant solar projects in Kenya over the next five years.

The deal is estimated to worth approximately $2.2 billion, and was signed in Nairobi at the Global Entrepreneurship Summit on Monday.

U.S. President Barack Obama has been a key presence at the Nairobi meeting and SkyPower said that the project would be built in 4 phases over the coming 5 years.

SkyPower Executive Vice President Charles Cohen, said: “SkyPower’s US $2.2 billion investment will create more than 25,000 total job years in Kenya and includes 200 MW of fabrication and assembly facilities, as well as a commitment of US $173 million toward education, training, and research and development.”

Earlier in July, SkyPower announced a 150 MW suite of solar projects it is planning to develop in the central Indian state of Madhya Pradesh.

In March the company announced another major deal with Egypt for 3,000 MW of utility-scale solar projects to be built over the next 4 years.

In a statement SkyPower said: “The monumental US $2.2 billion agreement was signed in Nairobi, Kenya at the sixth annual Global Entrepreneurship Summit (GES)… GES 2015 hosted an unprecedented convention of high-level leaders from around the globe, including U.S. President Barack Obama and H.E. Uhuru Kenyatta, President of the Republic of Kenya.

SkyPower President and Chief Executive Officer Kerry Adler said: “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 plan… SkyPower’s solar projects will help Kenya realize its electrification goals, support the development of the country’s renewable energy industry and help the development of strong communities, generating a brighter future for all.”