Vestas sells shares in Lake Turkana Wind Power
Published by Theodore Reed-Martin,
Editorial Assistant
Energy Global,
Vestas has completed the sale of its 12.5% shares in Lake Turkana Wind Power Limited (LTWP) in Kenya. The shares have been acquired by the Climate Finance Partnership (CFP), which is managed by BlackRock, after CFP in March 2023 announced its intention to acquire the shares held by Vestas Eastern Africa Ltd. The purchase price remains undisclosed.
With its 310 MW, the LTWP wind farm remains the largest in Africa to date. Vestas has been a shareholder in LTWP since 2014 from development and construction until power generation. The project was connected to the national Kenyan grid in 2018. Today, 365 Vestas turbines create electricity for 1.2 million Kenyan homes which counts for approximately 14% of the overall electricity demand in Kenya. Vestas will continue to service the turbines, each with a capacity of 850 KW.
In addition to generating power, the LTWP project has ensured that local communities benefit from the project, including in terms of stronger road infrastructure and job creation.
The divestment follows Vestas strategy of developing wind farms without being a long-term owner. The sale is the result of a sales process run by Vestas in cooperation with Finnish Fund for Industrial Cooperation Ltd. (Finnfund) and the Danish Investment Fund for Developing Countries (IFU), who have also sold their respective shares in LTWP to CFP.
The transaction will have negligible impact on Vestas earnings or outlook.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global's Winter 2023 issue
The Winter 2023 issue of Energy Global hosts an array of technical articles weather analysis, geothermal solutions, energy storage technology, and more. This issue also features a regional report looking at the future of renewables in North America, and a report from Théodore Reed-Martin, Editorial Assistant, Energy Global, on how Iceland utilises its unique geology for renewable energy.
Read the article online at: https://www.energyglobal.com/wind/20022024/vestas-sells-shares-in-lake-turkana-wind-power/
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