Globeleq secures CDC financing for Malindi solar project

Independent power producer Globeleq - which is owned by UK development finance institution CDC (70%) and Norfund (30%) - has raised a $50 million, 16-year loan from sole provider CDC for the 52MW Malindi Solar project in Kenya. Globeleq, which has a 90% shareholding in the project with originator Africa Energy Development Corporation (AEDC) retaining a 10% stake, is also providing a $16 million 16-year sponsor loan for the scheme.