Home > Insights > The UK Government is investing 220 MM KES (2.2 MM USD) in the development of two solar plants in rural Kenya.
Tuesday, 19 Mar 2019

The UK Government is investing 220 MM KES (2.2 MM USD) in the development of two solar plants in rural Kenya.


Insights Africa

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Economic Outlook

Economic Outlook

  • The UK Government is investing 220 MM KES (2.2 MM USD) in the development of two solar plants in rural Kenya. The funds will be channeled through InfraCo Africa, a private infrastructure development group company.
  • Stanbic Bank Kenya reported that the overall rate at which Kenyan firms produced goods and services in February 2019 dropped to a 15-month low. The bank's Purchasing Manager Index (PMI), which measures the health of the economy, fell from 53.2 in January 2019 to 51.2 in February 2019, the lowest since November 2017.
  • The Central Bank of Kenya reported that Kenya current account deficit reached 4.6% of GDP in January 2019 compared to 4.9% in December 2018. This shows that the import-export gap narrowed further in January as receipts from agriculture, tourism and remittances outpaced import growth.
  • In Uganda, Deputy President William Ruto stated that African countries need to reposition technology as a driver of economic growth by investing in education and training, beginning by aligning the needs of the private sector "vis-a-vis what our youth are taught".
  • Zambia President Edgar Chagwa Lungu inaugurated Africa First Scaling Solar Project supported by the World Bank to be run by the Bangweulu Power Company Limited. The first large-scale solar power plant in Africa will cover 30,000 households by a 54 MW capacity.
  • The Zambian government introduced a new series of tax measures. The tax rates increase has driven some copper producers to shut down their operations, while others have cut production and costs to keep their businesses running in the world's 6th largest copper producing country.
  • The Tanzanian Minister of Energy and Minerals stated that at least 5,400 Tanzanians are set to get employment during the implementation of Stiegler's Gorge Hydroelectric Power Station (SGHPS), which will be able to generate over 2,100 MW.
Political Events

Political Events

  • President Uhuru Kenyatta has signed a law bill outlining how oil revenues will be shared between the government and local communities. The government will enjoy 20% of revenue from petroleum operations while 5% will go to local communities.
  • French President Emmanuel Macron is set to sign deals worth more than 300 BN KES (3 BN USD) with his Kenyan counterpart Uhuru Kenyatta during his two-day official visit.
Stock Market

Stock Market

  • President Uhuru Kenyatta has signed a law bill outlining how oil revenues will be shared between the government and local communities. The government will enjoy 20% of revenue from petroleum operations while 5% will go to local communities.
  • French President Emmanuel Macron is set to sign deals worth more than 300 BN KES (3 BN USD) with his Kenyan counterpart Uhuru Kenyatta during his two-day official visit.
  • President Uhuru Kenyatta has signed a law bill outlining how oil revenues will be shared between the government and local communities. The government will enjoy 20% of revenue from petroleum operations while 5% will go to local communities.
  • French President Emmanuel Macron is set to sign deals worth more than 300 BN KES (3 BN USD) with his Kenyan counterpart Uhuru Kenyatta during his two-day official visit.
Companies Transactions

Companies Transactions

  • Nissan Kenya is expanding its dealership footprint locally as it targets major towns across the country to boost its market share in the space dominated by players like Toyota Kenya and Isuzu East Africa.
  • China Road and Bridge Corporation (CRBC), the firm that built the Standard Gauge Railway (SGR), is set to close a 2.5 BN KES (24.8 MM USD) contract to renew the Nairobi commuter railway network in a single-sourced deal tabled before the Cabinet.
  • Barclays Bank of Kenya is strengthening its data analytics team for what it believes is a crucial driver for the next phase of banking in Kenya under the capped interest rate regime.
  • Nairobi has launched the construction of a 7 BN KES (69.5 MM USD) public residential apartments in Ngara Estate. The River Bank apartments project will see construction of 3,000 units for low- and middle-income earners.
  • Standard Investment Bank (SIB) was placed 5th among Africa financial advisers by Deal Makers Africa while law firm Bowmans (formerly Coulson Harney Advocates) emerged 8th on the back of the 35 BN KES (347.8 MM USD) takeover of KenolKobil.
  • Cytonn Investments Management Plc has reached a deal with for 650 MM KES (6.4 MM USD) loan, to be deployed towards completion of Cytonn's Alma project, a mixed development featuring 477 residences and commercial blocks, in the upmarket Ruaka area in Kiambu.
  • Safaricom PLC, a listed Kenyan mobile network operator, has made a deal to let shoppers purchase goods on AliExpress.com through the M-Pesa mobile payment service. This move aims to move target in specific micro traders in Nairobi who source goods and other supplies from Chinese manufacturers.

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