Globeleq Malindi

Project Description 

This summary describes the application made to MIGA to provide political risk insurance coverage to Globeleq Africa Limited of the United Kingdom, and/or any of its subsidiaries (Globeleq) for its equity and/or quasi-equity investments made into the project enterprise Malindi Solar Group Limited (PE), against the risk of Breach of Contract for an amount up to US$24,350,000 and for a period up to 18 years.  

The project involves the design, financing, construction, operation, and maintenance of a 40MWac solar photovoltaic power generation plant, including associated and auxiliary works, equipment, infrastructure and interconnection facilities located at Lagobaya, Malindi, Kilifi County (the Project). The estimated 98-gigawatt hour of annual power generated by the solar power plant will be evacuated via the onsite transformers and step-up substation before onto the Weru substation. From there, it will be transmitted to the Malindi substation, located approximately 16 kilometers west of Malindi town, where it directly connected to the national 220kV transmission line running between Rabai and Lamu. 

Environmental Categorization 

The Project has been categorized as category B under the MIGA’s Policy on Environmental and Social Sustainability. Click here to view the Environmental and Social Review Summary. 

Development Impact 

MIGA’s guarantee will help preserve the Project’s main development impact, related to the energy delivered to the off-taker and the GHG emissions savings. The Project will also continue to have positive demonstration effects on the development of other IPPs in the renewable sector, supporting the GoK’s 2030 vision. The proposed Project is aligned with the WBG Country Partnership Framework for Kenya (FY2023-2028) since it will contribute to extend sustainable infrastructure services to the last-mile. The Project is also consistent with the WBG’s Climate Change Action Plan (CCAP) 2021-2025, as it will enable Kenya’s energy transition by supporting greater reliance on renewable energy-based generation.