SkyPower plants to significantly increase its investment commitment in Kenya’s solar power market, doubling their previous commitment of $2.2 billion.
SkyPower recently announced its plans to increase investment in the African country’s solar power market from $2.2 billion to $4.4 billion. As per the initial agreement, SkyPower is to develop 1 GW of solar power capacity in the country. The company will also distribute 2 million home solar power kits as part of the same agreement.
The announcement was made following a meeting of top SkyPower officials with the President of Kenya. While SkyPower has not stated by how much the installed capacity would be increased under the fresh agreement, SkyPower does intend to distribute more than 3,000 solar-powered street lamps.
Over the last few months, SkyPower has been looking to aggressively expand its footprint in the emerging solar power markets. In April, the company signed an agreement with the International Gulf Development (IGD) to set up 3 GW of solar power capacity in Egypt over the next four years. The agreement will see a total investment of $5 billion resulting in the creation of 75,000 jobs. SkyPower will also set up 600 MW of fabrication and assembly facilities in Egypt, while $173 million would be spent for education, training and research and development.
Earlier this year, SkyPower announced its commitment to add 9.9 GW of solar power capacity in India over the next 5 to 7 years during the country’s first international renewable energy investors summit. The company has since then been awarded 350 MW worth of solar PV power capacity in competitive auctions. The company quoted the lowest tariff-ever in the India in one of those auctions.