Published: January 3, 2015
Africa's largest wind farm attracts €625mn from regional and international financiers after eight years in development.
Africa's largest wind farm, the 310MW Lake Turkana Wind Power plant in northeastern Kenya, has secured a €625mn (US$750mn) finance package.
Financing comprises 70% senior debt, 10% mezzanine debt and a 20% equity stake. Standard Bank, Nedbank and the African Development Bank are mandated lead arrangers for the debt funding.
Other financiers involved in the package are the European Investment Bank, the Netherlands Development Finance Company (FMO), Proparco, East African Development Bank, PTA Bank, EKF, Triodos and DEG.
The wind farm has been under development for the past eight years. Construction will now start and should be complete in 2016. The plant will include 365 Vestas Wind Systems in the town of Loiyangalani in Marsabit County, and should provide electricity to the Kenyan national grid equivalent to almost 20% of the current generating capacity.