Lenders advisory for two solar PV projects in Kenya
Frontier Energy has appointed Haskoning to act as lender’s advisor for the development of two solar PV (2x40MW) projects in Kenya.
Project facts
- Client
- Frontier Energy
- Challenge
- Frontier Energy is seeking to raise senior debt financing from FMO and EIB for two solar PV project in Kenya.
- Date
- 2016-2024
- Solution
- We acted as lender’s advisor covering the technical, environmental and social performance of the project.
- Location
- Kenya
Balancing ambition with investor confidence
The Radiant and Eldosol solar PV farms were among the first utility-scale solar projects in East Africa, developed by Frontier Energy to deliver nearly 80 MW to Kenya’s grid. The ambition was clear, but so were the uncertainties. In markets where perceived risks are higher, investors such as the Dutch Entrepreneurial Development Bank (FMO) and the European Investment Bank (EIB) require strong assurance before committing capital.That assurance had to go beyond engineering. Lenders needed to know that the projects were technical robust, that risks were understood and managed, alongside confidence that international ESG standards would be met. Without this, financial close would remain out of reach.
Martine Leman tells more about the Radiant and Eldosol solar PV farms
Building confidence through independent insight
We acted as lenders’ advisor, assessing the technical, environmental, and social performance of both solar projects. The work started before financial close, with a full due diligence aligned with IFC Performance Standards.Following financial close, we continued as an independent advisor. Our team carried out regular site visits, reviewed project documentation, engaged with stakeholders and monitored project’s technical, environmental and social performance throughout construction and into operation. Independent reporting provided lenders with continuous, evidence-based insight. During commissioning, we were on the ground as independent engineer, ensuring that performance matched expectations.
From bankability to lasting impact
Both projects reached financial close in 2018 and became operational in 2021. They now supply clean electricity to tens of thousands of households, supporting Kenya’s climate goals while reducing reliance on fossil fuels.For lenders, our lenders advisory services demonstrated that well-structured and integrated due diligence and monitoring can effectively de-risk investments. For developers, they showed how early alignment with international standards accelerate access to finance. This approach helps turn promising renewable projects into bankable assets.
