Published: October 3, 2013
1GW project is first to be implemented by Power Africa Initiative.
Aeolus Kenya, an independent power producer, has signed a US$150mn deal to build a wind power plant in Kenya.
The Kinangop Wind Park is the first project to be implemented by the Power Africa Initiative, led by US president Barack Obama. The initiative aims to develop 1GW of wind, geothermal and gas-powered projects in East Africa.
The wind farm will be funded through a combination of debt and equity. Standard Bank is the lead arranger and will underwrite US$90mn of the debt while Norway’s Norfund and an unnamed Africa-focused infrastructure provider will provide the US$60mn equity.
Kinangop is expected to come online in 2015 and will add 60MW to the country’s 1,627-MW national grid.