Renewvia Energy is undertaking a feasibility study for the development of solar micro-grids in key geographies in Kenya. The feasibility study is being funded by a grant from the USTDA as part of US President Barak Obama’s Power Africa initiative.
On September 21 Trey Jarrard, CEO of Renewvia, signed the cost share agreement during theUS-Africa Business Forumheld in New York City. The following day the company participated as a panelist for "Climate Week Conversation: Unlocking Clean Energy Investment in Sub-Saharan Africa," an event that brought together CEOs from African clean energy companies to discuss how project preparation assistance can help unlock investment in clean energy across Africa.
In addition to providing the data and analysis necessary to complete the feasibility study, Renewvia will be leverage its success in developing solar and micro-grid projectsglobally to secure implementation financing for the development of up to 50 MW of solar micro-grids in Kenya over the next five years.
The company said it understands the need to continue taking balance sheet risk to seed and unlock conventional and scalable financeable structures for rural electrification solar development. It is currently in discussions with institutional capital sources to explore conventional financing structures for this new unsecured prepaid individual subscriber model. The total market potential for Kenya and sub-Saharan Africa solar rural electrification is immense and exciting at every level.
"Renewvia is delighted to have the opportunity to extend our solar microgrid development in Kenya,” said Jarrard. “For the first time hundreds of rural Kenyan citizens are receiving power at a rate that is commensurate with off-grid generation without being responsible for maintaining power equipment.”
“Solar photovoltaic (PV) microgrids are making the dream of rural electrification a reality, and we are enthusiastic about providing this life-changing technology to areas of critical need in Kenya and beyond,” said Pam Onyanyo, Director of sub-Saharan Africa for Renewvia.